Save Rs 499 on a 2-Year Ad-Free CAclubindia Pro Membership. Subscribe Now!

Expenditure during the month of march.

514 views 6 replies

Vidya Sagar

4 Points Posted on 10 March 2016

Good afternoon all.

I am a salaried employee. Income received or receivable in the month of March to February during the current financial year and needs to be disclosed as Salary for March received in April to February received in March. I request to clarify that, "whether I can claim savings in LIC premium paid during the month of March" The treasury authorities are objecting this and saying that Premiums paid during March cannot be disclosed in IT Return. Please clarify

Replies (6)

Deepak sharma

Learner

1443 Points Posted on 10 March 2016

I dont think there should be any problem, you can claim deduction of Premium paid in the month of March !

Nida Javed

36 Points Posted on 10 March 2016

Yes, u can claim deduction of LIC premium in march itself.....

Ashwin Kumar Prabhakar

Specialist Standard Chartered Global Bu

169 Points Posted on 10 March 2016

Yes you can claim deduction for the premium paid in march

s s singh

ITO

24 Points Posted on 10 March 2016

Why should the Treasury object. It is the DDO's responsibility to see that TDS iz properly deducted. DDO is directly held liable by the IT law for any discrepencies. As to your Q 1. For salary income(specially) govt.establishments, F.Y for receipt is counted from march to feb because salary of March is to be receive on April.(GFR) (accounted on receipt basis) 2. Previous year for income tax purpose is always from april to march. 3. So investments/savings done during the month of march is always to be alliwed. Please dont confuse about the Financial year. It is always April to March 2.