Query regarding elegibilty under sec 80c
This query is : Resolved
24 December 2013
Sir,
Please clarify me where an assessee had paid LIC for previous two years in current year, Deduction for all the three years can be claimed by him from the income of current year or only current year payment is elegible under section 80C
Please clarify me where an assessee had paid LIC for previous two years in current year, Deduction for all the three years can be claimed by him from the income of current year or only current year payment is elegible under section 80C
24 December 2013
Vanya,
assessee can caliam the entire amount paid in current year as deduction from current year's income (irrespective of which year's payments they are).
simple logic: it's on payment basis and not on accrual basis.
assessee can caliam the entire amount paid in current year as deduction from current year's income (irrespective of which year's payments they are).
simple logic: it's on payment basis and not on accrual basis.
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