Is the late fine paid for late payment of LIC premium allowable as deduction along with the premium amount paid U/S - 80C ???
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Is Late Fine for LIC Premium allowed as deduction???
Replies (8)
no deduction is available for late fees paid for lic premium
Deduction under Sec 80C is allowed only for the amount of premium paid....hence excluding fine..
Fine paid for late payment of premium is not allowed as deduction as it is penal in character.
no, only lic premium is eligible for deduction u/s 80C
ALL OTHER LIKE INTEREST IS NOT DEDUCTABLE
No, that is not insurance premium,
Thanks 2 all for answering.
AND THAKS FOR ASKING
late fine paid is not allowable as deduction
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