Regarding single lic premium
This query is : Open
vinay f kothari
(Querist)
26 March 2019
Sir, I want to ask that How Single LIC Premium treated under Income Tax Act.
K Srinivas, CMA CS
(Expert)
27 March 2019
Premium paid on Single life insurance policy should not exceed 10% of the Sum assured. Only then, the deduction on premium payment will be available under 80C
K Srinivas, CMA CS
(Expert)
27 March 2019
Above rule should be satisfied even at the time of maturity receipt of the policy failing which the entire proceeds will be taxable
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
- EPF ECR NEW FILE SEP 17TH 2026
- Gst registered proprietorship firm
- GST Intimation due to Government took possession of Business Premises under PPE Act
- Capitalgain tax purposes for valuation report compulsory
- Non filing of I T Returns
- TAX AUDIT ON PROFESSIONAL INCOME
- SECTION 393(3) TAX ON CASH WITHDRAWAL
- TDS on Fixed Assets purchased
- SALARY CAN BE CAPITALIZE
- TDS on purchase of under construction property from a reseller
- Under marginal scheme
- Import of Software Service.
- Clarification Requested: Gift → NRO → NRE → Overseas Transfer - USA/CANDA (FEMA & Tax Compliance)
- GST on Renting godown to KFCSC for Storage of Raagi
- How to Handle Active E-Invoices in GST Portal Deleted from Tally?
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
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
