80c
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
18 August 2012
Dear Expert,
I am an individual proprietor, and want ot invest in NSC u/s 80C. For this purpose it is better to issue cheque from my current a/c open in my firm name or from my saving a/c.
Please advise me.
I am an individual proprietor, and want ot invest in NSC u/s 80C. For this purpose it is better to issue cheque from my current a/c open in my firm name or from my saving a/c.
Please advise me.
18 August 2012
Dear Sir,If your firm is a proprietor ship firm then it is right to give check from the current account and this will be treated as your drawings otherwise it is advisable to give check from your saving bank account. Thanks
18 August 2012
There is no distinction between individual and its proprietorship firm.
Even if you invest amount by issuing cheque from your firm, the deduction will be available.
Even if you invest amount by issuing cheque from your firm, the deduction will be available.
Querist : Anonymous
Querist :
Anonymous
(Querist)
18 August 2012
Dear Sir, one more thing to ask, If LIC premium Rs. 30000/- paid in cash, whether the department will allow it as deduction u/s 80C or they can reject it as it is more then 20000/-.
18 August 2012
it will be allowed since Rs. 20000 limit is for deduction of expenditure and not for deduction under section 80C
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