Tax audit

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Ashwani Narnoli (Querist)
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03 September 2013 Dear Experts,
In Form 3CD, Clause 26 states that Deduction under Chapter VIA taken has to be given.
My query is a sole proprietor pays his LIC premium of Rs. 10000 elegible for deduction u/s 80C. He has only business income. In his tax audit report under clause 26 whether we have to mention this deduction as this is not related to his business.

So please tell whther this deduction should be shown in clause 26 or not.

Thanks in advance

Sanket

Sanket (Expert)
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03 September 2013 Yes it should be shown. as its a personal nature expenses so you have to take it in capital account.

and yes you have to report in 3cd.

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