I pay my insurance premium monthly. Since i was late to pay the premium of March 2014 by 30 days it landed up getting paid in April 2015. I then caught up with the premium payments as a result of which i have 13 premium payments for 2014-15. Can i claim the aggregate of 13 months as tax deduction under section 80C or will i be restricted to 12 ?
Thanks
Deduction is for expenses made from taxable income for the year.
It should not include expenses beyond the period for which return is filed.
hello,
Section 80C allows for deduction only on payment basis.
Premium of march -14 which is paid in April -14 allowed in the current FY.
CAclubindia
