Pls Tell me dat if LIC premium is paid by chq and date on the receipt of the premium paid is 31.03.2007.But Pass book is showing amount withdrawn on 3.04.2007.i.e.in FY 2007-08.Then wethr deduction u/s 80c can be taken for FY 2007-08
Pls Tell me dat if LIC premium is paid by chq and date on the receipt of the premium paid is 31.03.2007.But Pass book is showing amount withdrawn on 3.04.2007.i.e.in FY 2007-08.Then wethr deduction u/s 80c can be taken for FY 2007-08
No Pooja....
Deduction U/s 80 C can be claimed in F.Y.2006-07 only as the reciept shows 31-03-2007 as the date of payment of the premium...
| Originally posted by :Pooja | ||
| " | Pls Tell me dat if LIC premium is paid by chq and date on the receipt of the premium paid is 31.03.2007.But Pass book is showing amount withdrawn on 3.04.2007.i.e.in FY 2007-08.Then wethr deduction u/s 80c can be taken for FY 2007-08 | " |
Deduction u/s -80C for LIC premium will be allowed in the financial year in which receipt is issued by LIC. Accordingly, it will be allowed in FY 2006-07 and not in FY 2007-08.
Thanks
allowed in 06-07
Deduction is allowable in FY 2006-07. becoz as per law the amount paid by cheque as on the last date will be allowed on that relevant year on which the cheque is presented SUBJECT to the payment. here ur cheque got cleared that means the SUBJECT to Condion is fulfilled so allowed in 2006-07.
yes it should be allowed in the AY 2007 08
allowed in AY 2007-08
Date of clearance of cheque doesnt matter at all in case of insurance premium paid u/s 80C.
yes u will be allowed deduction for AY 2007-08 as u will get receipt dated 31/3/07.
u can claim deduction...
deduction can be claimed for the year in which cheque was given ti insurance co.
Deduction can be claimed for 2006-07 since the date mentioned on the receipt is for the year ended 31.3.07
SMJ global advisors pvt ltd
New Delhi
B.Com
View Details
CAclubindia
