ITR4 Part A-P&L S. No. 16b Life Insurance

this life insurance means for your employees if any you can mention here...........

Originally posted by : Pankaj Arora
	this life insurance means for your employees if any you can mention here...........

Frankly I was going to claim deduction of Rs 1 Lac u/s 80C but when I checked this form I find that I can claim Rs 5 Lacs as an expense instead.

I am employed by a company but they pay me as a service provider and issue Form 16A. You can say I am sole employee in my business not drawing any salary or if the salary really matters I can draw some salary and show it at S. No 15.

My business depends upon my survival and my insurance is incidental to my business. If there was an employee I was entitled for this expense then why not for me

You have to mention this 1LAC u/s 80c in other section portion schedule VI-A.

Originally posted by : Pankaj Arora
	You have to mention this 1LAC u/s 80c in other section portion schedule VI-A.

I know that but could you please answer the original question. I have one more doubt. If S. No. 16 was applicable for employees only than it could have been written under S. No 15 e.g. 15k.