03 April 2018
If I issue check for my lic premium on 31.03.2018 (F.Y.2017-18) and my cheque got cleared on 08.04.2018(F.Y.2018-19) then I can claim deduction in f.y.2017-18 that is on payment basis only. Is this the right way?
03 April 2018
If the receipt issued by the LIC bears the date 31st March as date of payment, in my opinion you can claim the deducted, even if the receipt is issued subject to realisation of cheque
03 April 2018
I agree with CA Suresh Jain sir.. There is no specific clarification in this regard. SO, we can take the receipt date issued by the LIC as payment date
CAclubindia
