Life insurance premium
This query is : Resolved
Mahendra Singh Rao
(Querist)
29 March 2016
My question is that if we pay life insurance premium in lump sum at the beginning of year & whether we claim or deferred the claim u/s 80C full amount in the year in which it is paid or claim proportionately over the life of LIC Policy
29 March 2016
You can claim deduction u/s 80C only on payment basis. You can claim Premium deduction subject to maximum of 10% of Sum Assured value.
Message likes :
1 times
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Late Filing Fee Waiver for Q1 Form 144 (Earlier 27Q) – Transition to Income-tax Act, 2025
- Form 144 TDS Return Validation Error – Mandatory Fields
- Capital gains in IT returns
- GSTR9 Annual Return
- Positive Balance in RCM Liability/ITC Statement – Commercial Rent RCM – Guidance Required
- Capital Gains Tax on Inherited Mutual Fund
- IMS (import of goods) ITC related
- How do you manage client document collection and follow-ups in your CA/CS practice?
- Applicability of tax on invoice
- TDS- 2026-27 Q1 Correction
- Ito add credit side of bank
- Employee secondment
- Subject: Legal Remedy for Removal of Income Tax Demand for AY 2024–25 – Charitable Trust
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Tally: Imported bank entries do not show up in manual reconciliation
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
