Lic deduction

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Querist : Anonymous

Querist : Anonymous (Querist)

03 May 2013 LIC Premium paid in current year but belongs to due for previous whether it can be eligible for deduction in that previous year.

Anil Sankar V

Anil Sankar V (Expert)
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03 May 2013 Ya eligible, as it is paid in current year.

CA Vikas Acharya

CA Vikas Acharya (Expert)
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03 May 2013 lic premium allowed only for that year in which it is paid.
so allowed in current year
though late payment charges will not be allowed, if any

Querist : Anonymous

Querist : Anonymous (Querist)

03 May 2013 LIC Premium for FY 2012-13 Rs.10000(due on 1/03/2013)
say paid on 4.4.2013 Rs.10000
whether allowed in AY-2013-14 Rs.10000 u/s 80c

Querist : Anonymous

Querist : Anonymous (Querist)

03 May 2013 If answer is yes, can you provide any such related decision or circular. Thanks in advance friends.

CA Vikas Acharya

CA Vikas Acharya (Expert)
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03 May 2013 80C ''In computing the total income of an assessee, being an individual or a Hindu undivided family, there shall be deducted, in accordance with and subject to the provisions of this section, the whole of the amount paid or deposited in the previous year, being the aggregate of the sums referred to in sub-section (2), as does not exceed one lakh rupees.''

this is the text of section 80C.
note the word 'paid or deposited'..
Therefore allowed in the year of payment.
as paid on 4.4.13 allowed only in A.Y. 14-15

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CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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03 May 2013 Deduction will be available in respect of previous year in which premium was paid i.e., in the Assessment year 2014-15.

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Querist : Anonymous

Querist : Anonymous (Querist)

03 May 2013 Thank you all for such great information.

C A S.S.Agarwal, M.Com.,LL.B,

C A S.S.Agarwal, M.Com.,LL.B, (Expert)
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14 June 2013 Yes I agree with the experts and advise you to claim what you have paid if the amount is below the limit.

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