I have paid my LIC premium on june 2020 which is relating to the period fy 2020-21.
Can I claim deduction while filing itr for the fy 2019-20?
Eldhose MV (Associate) (63 Points)
12 September 2020I have paid my LIC premium on june 2020 which is relating to the period fy 2020-21.
Can I claim deduction while filing itr for the fy 2019-20?
Gagan Deep Singh
(CHARTERED ACCOUNTANT)
(1190 Points)
Replied 12 September 2020
In case it is for FY 2020-2021 then claim deduction in FY 2020-2021
Gagan Deep Singh
(CHARTERED ACCOUNTANT)
(1190 Points)
Replied 12 September 2020
Had you paid it before 31 st march you would have claimed it. So, in past also if you had paid next year premium in advance then you can claim this year also because it would be easy to explain. Otherwise also it would not be a big issue.
Eldhose MV
(Associate)
(63 Points)
Replied 12 September 2020
The deadline for making various investment/payment for claiming income tax deduction for FY 2019-20 under Section 80C (LIC, PPF, NSC etc.), 80D (Mediclaim), 80G (Donations) is July 31, 2020.
How will affect the lic premium deduction
Gagan Deep Singh
(CHARTERED ACCOUNTANT)
(1190 Points)
Replied 12 September 2020
You can claim it for FY 2019-20. It will not be a big issue.
Aman Verma
(209 Points)
Replied 12 September 2020
CA. Umesh kumar
(ca.umesh11@gmail.com)
(1465 Points)
Replied 16 September 2020
Date for making investment/payment for claiming deduction under section 80c/d etc has been extended till 30 june 2020 due to covid 19.
Therefore you can claim it.
GST Live Certification Course (39th Batch) - April 2024 (Weekend Batch) (With Certificate)
"Live class on Python for Financial Analysis: Unlocking Efficiency in Accounting and Finance"
CAclubindia
