Lic payment for previous year

This query is : Resolved

Sanjay Thomas Rebello (Querist)
Follow

22 March 2012 Dear Sir,

Can I get Income Tax benefit for LIC premium payment made this year for previous year (Which was default in previous year)?

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
Follow

22 March 2012 Yes, because deduction is as per payment basis.

Mihir Doshi

Mihir Doshi (Expert)
Follow

22 March 2012 Agree with Expert.

LIC premium can be claimed on payment basis but premium should not be more than 20% of sum assured.

CA KiranKumar.K

CA KiranKumar.K (Expert)
Follow

22 March 2012 Yes, Agreed as above.

Even you pay last year payment now (or) pay the next year's premium in advance - You will only get the deduction in the year in which you make the payment.

Can close the issue!

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
Follow

22 March 2012 Doshi Ji

The Finance bill,2012 proposes to reduce 20% to 10%.

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Join CAclubindia WhatsApp Finance Community & stay updated with the latest TAX news, compliance alerts and important updates all in one place!

Similar Resolved Queries

Unanswered Queries

Popular
Recent

Trending Online Classes

Direct Tax Laws & International Taxation May 26,Sept 26 & Jan 27

CA Arvind Tuli

Enroll Now
Audit Fast Track Recorded Batch For May 26,Sept 26 & Jan 27

CA Aarti Lahoti

Enroll Now
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English

CA Bhanwar Borana & CA Shubham Keswani

Enroll Now

view all classess

Meet our CAclubindia PRO Members

Anu Raj

SARAN KUMAR

AMAR MEHARWADE

Tanishka Khandelwal

Soumitra Patra

Subscribe Now

Lic payment for previous year

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

Article Assistants

CA ARTICLE

ICSI Trainees for 21 Months and Semi-Qualified CS

Sr. Financial Analyst - Consolidation

Audit executive

MIS Executive

Audit Assistant / Article Trainee / Intern

Education Content Creator