Is it necessary to make all payments through bank to avail deductions under Chapter vi a of Income Tax Act.
Is bank payment mandotory for Insurance payment alone?
Can we pay interest & Principal portion of housing loan out of cash.
Is it necessary to make all payments through bank to avail deductions under Chapter vi a of Income Tax Act.
Is bank payment mandotory for Insurance payment alone?
Can we pay interest & Principal portion of housing loan out of cash.
you can pay via cash Insurance prem,
You can also pay interest & Principal portion of housing loan in cash if institution accept the cash and provide you the receipt.
Thanks!
Payment through bank is mandatory for claiming mediclaim insurance premium paid by you u/s 80D. For claim under all other sections under chapter VI-A, it is not compulsory.
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