Lic premium query

This query is : Resolved

Kollipara Sundaraiah (Querist)
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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.

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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27 July 2021 1 yes, it's Allowed.
2 Treate as income from other sources in ITR the excess amount received over premium paid.

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