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Regarding 80c
DEAR RESPECTED MEMBERS
IF A PERSON PAYING 100000 TO LIC YEARLY. DUE TO LATE PAYMENT PENALTY OF 2000 LEVIED IN THIS AND HE TOTAL PAID 102000 RS THIS YEAR.CAN HE CLAIM THIS 102000 UNDER 80C OR ONLY 100000 WILL BE DEDUCTIBLE
Replies (8)
Only basic premium, ie 1 lakh
Only one lakh is the amount of deduction
Penalty fee for late payment can not be considered as premium.
Only premiuim amount is deductible u/s 80C. Late payment penalty is not deductible.
ONLY PREMIUM AMOUNT IS DEDUCTIBLE
ONLY THE BASIC PREMIUM AMOUNT IS DEDICTIBLE I.E. RS. 100000
PENALTIES ARE NOT BEING ALLOWED FOR DEDUCTION
THANKS ALL RESPECTED MEMBERS
-Only premium deductible
-Do not include penalty
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