Whether 2 or more installment paid for one LIC in a single transcation is allowed for deduction u/s 80C or only amount of one installment cud be deducted.
Same case is for deduction u/s 80D.
Its urgent please guide me
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Replies (5)
Both are allowed for exemption even if its a single transaction (Subject to Threshold Limit)
entire amount will be tax free only if the premium paid is not more than 20% of the Sum Assured on the policy
LIC premium paid during the P/Y is available for deduction uder Section 80 C on payment basis. 2 or more installments of one policy paid in single transaction doesn't make any difference.
In case of Section 80 D payment should be from bank & can be of 1 or 2 installments together but should be within the threshhold limit of Section 80 D of Rs. 15000(for individual & his dependents) & further Rs. 15000 for parents..
thanx all of you.
One more thing i want to know what is the last date of Filing TDs Return for the qtr ending March' 2011
the last date for filing TDS return for the quarter ending march2011 is 15th may2011 as the payment is allowed upto 30th april2011.
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