whether LIC premium u/s 80C will be deductible under cash basis or proportionate to the months
e.g. I paid Rs.6000 LIC premium in FEB 2014 for 6 months
then for A.Y.2014-15
WHAT WILL BE DEDUCTION?
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Lic premium
Replies (3)
cash basis.
The deduction would be Rs 6000 paid during FY 2013-14 (AY 2014-15)
did n't understand your question...
LIC premium allowed on the paid basis during any financial year. In your case Rs. 6000/- allowed u/s 80C during A.Y 2014-15.
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