Lic premium query
This query is : Resolved
Kollipara Sundaraiah
(Querist)
26 July 2021
Sir,
It assess lic premium some amount paid yearly previous last 5years.but lic premium paid amount not reported in books and not claimed in it returns.sec 194da rs:3,50,000/- tds rs:11531/- from lic of india show as per 26as f.y 20-21.
Question:
1.assess lic premium paid previous last 5 year's books entry passed current year allowed
2.sec 194da lic amount treatment procedure in it returns.
It assess lic premium some amount paid yearly previous last 5years.but lic premium paid amount not reported in books and not claimed in it returns.sec 194da rs:3,50,000/- tds rs:11531/- from lic of india show as per 26as f.y 20-21.
Question:
1.assess lic premium paid previous last 5 year's books entry passed current year allowed
2.sec 194da lic amount treatment procedure in it returns.
CA R SEETHARAMAN
(Expert)
27 July 2021
1 yes, it's Allowed.
2 Treate as income from other sources in ITR the excess amount received over premium paid.
2 Treate as income from other sources in ITR the excess amount received over premium paid.
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