Life Insurance Premium IT return deduction

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Business owner
22 Points Posted on 06 June 2022

If I pay Life Insurance Premium of 2021 in June 2022 can I calim that in ITR of 2021 /22

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On 06 June 2022 at 21:27 Report
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Quick Summary
You can claim a deduction for your life insurance premium payment on your Income Tax Return (ITR) if it was paid within the relevant financial year. Specifically, a payment made in June 2022 for the 2021/22 financial year can be claimed in the Assessment Year 2022-23. However, delayed instalment payments are generally not allowed for deduction under this chapter.

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Chartered Accountant
86505 Points Posted on 06 June 2022
Yes you can claim deduction as per payment
2 Reply
On 06 June 2022 at 21:44
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CFO- at NHTF
58280 Points Posted on 06 June 2022
It can be considered in ITR of AY-2022-23
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On 06 June 2022 at 23:37
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582 Points Posted on 07 June 2022
If it is delayed payment of instalment, it is not allowed...
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On 07 June 2022 at 22:44
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Profession Business
28246 Points Posted on 14 June 2022
Chapter via deduction.
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On 14 June 2022 at 13:49
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CFO- at NHTF
58280 Points Posted on 14 June 2022
LIC deduction is allowed based on payment basis
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On 14 June 2022 at 19:34

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