Budget 2023

Hello,

You have a straight standard deduction of Rs.50000 is available as you have salary income.

Deduction u/s 80C is Rs.150000 for the first three items you stated.

Deductions u/s 80C is for credit of payment or debit of premiums?

For 1&3, I am paying premiums.

For 2 &5, I am receiving payments.

What about other deductions such as section 80C as mentioned in the other response?

80 C is for credit for payment

I wrongly intérpreted the second item as payment. 

So for 1 and 3, you will get the benefit of deduction

How can I claim rebate on receivables from LIC above Rs 150000 u/s 80C?

In fact, I am expecting to set up another LIC with Rs 50000 credit p.a. So, now total receivables from LIC would exceed 80C limit by Rs 90000. Won't it become taxable?