Payment of lic premium

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This query is : Resolved

BIJAY MITTAL (Querist)

03 March 2008 The assessee pays LIC of Rs 100000/-per year for last three years.The premium paid was not disclosed in the books of account.Now the assessee realises the fact and wants to disclose the upcoming premium payments in the books.What are the remedies available and the consequences of the last three years premium already paid but not disclosed in the books.

CA Saurabh Maheshwari

CA Saurabh Maheshwari (Expert)

03 March 2008 IF YOU HAVE PAID PREMIUM IN EARLIER YEARS AND NOT DISCLOSED THAT AMOUNT THAN YOU HAD PAID THAT AMOUNT FROM UNDISCLOSED SOURCES ,THEREFORE THE ASSESSING OFFICER MAY REOPEN YOUR EARLIER YEAR CASES FOR CONCEALMENT OF INCOME .

CA. GOPAL SONIKA

CA. GOPAL SONIKA (Expert)

03 March 2008 Mr Bijay could u please be more clear, i.e., whether the premium was paid in cash or by cheque.
I need to know the full details before answering you.

CA Shailesh +91 9393926464

CA Shailesh +91 9393926464 (Expert)

04 March 2008 If u have debited ur Capital A/c in the last 3 years with Drawings of a sum eual to or exceeding Rs. 100000/-, then u can manage. Otherwise, the AO may reopen the case and scrutinise it.

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