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Swaminathan

Swaminathan (Chartered Accountant)     18 December 2008

For taxation purpose, Insurance paid is to be considered.


(Guest)

the date when you paid, is to be considered

Sripada M

Sripada M (CA)     18 December 2008

If you read Section 80C,

It is clearly mentioned that deductions can be availed only on payment. So in your case you can claim deduction in F. Y. 2008-09.

Correct me, if i am wrong....!!

K.K.Majhi

K.K.Majhi   18 December 2008

U/S 80C

Dedection for the Payment of Lic Premium can only be claimed on Payment basis not on due basis, and can only be claimed for the FInancial year in which it was paid.

As per your Querry

Premium Due- FY 2007-2008

Premium Paid-FY 2008-2009

Deduction is to Be claimed on FY 2008-09 (AY 2009-10).

Jeet Biswas

Jeet Biswas (ACMA (in Service))     18 December 2008

yes, jst read ur book once...

Ashma

Ashma (MBA)     18 December 2008

Deduction will be claim on payment basis only 

CA RAMESH KUMAR AHUJA

CA RAMESH KUMAR AHUJA (CA, DISA)     18 December 2008

Allowed on payment basis

 

Rajat Kedia    ACA CS MCOM

Rajat Kedia ACA CS MCOM (Assistant Manager)     18 December 2008

allowed on payment basis

 

Surya Jain

Surya Jain (Student)     18 December 2008

thanks.

 

srilakshmi

srilakshmi (ca final)     08 January 2009

any 80c deduction is allowed only on payment basis and not on due basis

srilakshmi

srilakshmi (ca final)     08 January 2009

any 80c deduction is allowed only on payment basis and not on due basis

Jagadish

Jagadish (Student)     08 January 2009

Yes

Jagadish

Jagadish (Student)     08 January 2009

you can deduct in ay 2008-09 subject to maximum limit


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