80c deduction

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Financial Analyst
72 Points Posted on 16 August 2013

Sir,

One person paid insurance premium Rs 12000/- on dated 01-mar-2013 as yearly premium. during filing we are taking this figure under 80c. Is it correct ? As the premium pertaining to the period 2012-13 is Rs 1000/- & Rs 11000/- pertaining to the period 2013-14.

 

Pls share your views.

 

Rgds

 

Bibhuti

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On 16 August 2013 at 07:44 Report
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Accounts Head
311 Points Posted on 16 August 2013
Deduction u/s 80C is available based upon premium PAID basis. Therefore, you may claim the full deduction of Rs.12,000/- during the year.
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On 16 August 2013 at 10:49

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