I have, say,
I need not pay taxes earlier, but this year I am eligible I think.
Please suggest, given the following scenario, which exemptions I am entitled to?
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?
CAclubindia
