LIC Premium allowed on due or payment basis ????

For taxation purpose, Insurance paid is to be considered.

the date when you paid, is to be considered

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....!!

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).

yes, jst read ur book once...

Deduction will be claim on payment basis only 

Allowed on payment basis

allowed on payment basis

thanks.

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

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

Yes

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