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Unclaimed deduction of insurance premium

Tax queries 282 views 1 replies

Mr. Pratik has paid insurance premium of Rs. 25,000 in FY 2014-15 however he fails to claim the same in return of FY 2014-15, whether the said amount can be claimed in next FY 2015-16?

Replies (1)
The deducion is applicable if claimed in return and for the next fy the limit will be for that year only. So if there is any un used limit then one can claim the same in next fy. Rather i would suggest if the returns are filed in time then i advise you to file revised return for fy 2014-15 claiming the said deduction.


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