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income tax

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Querist : Anonymous

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Querist : Anonymous (Querist)
14 May 2010 whether payment is to be made in cheque only to get deduction under section 80C (LIC)
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CA. BIJENDER KR. BANSAL

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CA. BIJENDER KR. BANSAL (Expert)
14 May 2010 No, you can paid lic premium in cash , deduction u/s 80 C will be made for it.
For getting deduction u/s 80 D, Payment for medical insurance premium should not be in cash, it will be by cheque or draft.
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CMA. Dinesh S Adhikari, ACMA

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CMA. Dinesh S Adhikari, ACMA (Expert)
14 May 2010 Agreed with Expert.

However, for u/s 80D Cheque or Draft should be Account Payee cheque only.

Regards!!!
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