Deduction u/s 80 c

This query is : Resolved

Prashant (Querist)
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14 December 2011 Hello,

Just wanted to confirm if any individual has not filed his individial return for any f.y. ( e.g. F.Y.2009.10) and wanted to file the same now. What would be penalty for the delay. Net tax libility is NIL. Also can he claim dedution of insurance premium paid u/s 80 C even if those premiums paid prior to the IT filing period. ( E.g. Insurance Premium paid from 2004 and not claimed for deduction.. is it elegible)

Please revert..

Thanks,
Prashant

Abhishek Ranjan Singh

Abhishek Ranjan Singh (Expert)
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14 December 2011 Yes he can claim deduction u/s 80C. Penalty may be Rs. 5000/- for delay.

Abhishek Ranjan Singh
ARS Solutions
email2ars@gmail.com
+91 9022838615

Prashant

Prashant (Querist)
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14 December 2011 Can some one claim deduction of such premiums paid F.Y.2004.2005 onwards in F.Y.2010.2011 as well...?

Please revert..

Thanks,
Prashant

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Darshit Joshi

Darshit Joshi (Expert)
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14 December 2011 You can file return upto 1 year from the end of assessment year. But you can not claim deduction in respect of insurance premium paid prior to the PY to which return pertains. Penalty may be levied upto Rs 5000 at the discretion of ITO.

Abhishek Ranjan Singh

Abhishek Ranjan Singh (Expert)
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14 December 2011 In Paid year total premium paid amount including previous year premium which paid this year you can claim U/S 80C

Guest

Guest (Expert)

17 December 2011 Abhishek Ji,

Under section 80C, only the LIC premium amount can be claimed. However, interest on delayed payment can not be claimed.

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Abhishek Ranjan Singh

Abhishek Ranjan Singh (Expert)
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17 December 2011 Neha Mam,

U/s 80C, whatever amount paid to keep the policy alive (other than penalty like late fee) is allowed as deduction.

Guest

Guest (Expert)

17 December 2011 Abhishek Jee,

This is what I am saying that late fees (interest) will not be allowed under section 80C.

But you mentioned that total premium paid with interest can be claimed u/s 80C.

Pls correct me if I am mistaken.

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Abhishek Ranjan Singh

Abhishek Ranjan Singh (Expert)
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17 December 2011 No you are correct but you are talking about which interest?

Abhishek Ranjan Singh
ARS Solutions
email2ars@gmail.com
+91 9022838615

Guest

Guest (Expert)

17 December 2011 Ur second reply to this post, which you have now modified and removed the word interest from there.

Abhishek Ranjan Singh

Abhishek Ranjan Singh (Expert)
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17 December 2011 what are you talking?
Today morning i correct your two mistakes so now you are searching my mistakes,it is good any one can make mistake but be fair. i did not modify any reply.

Guest

Guest (Expert)

17 December 2011 I am not searching any of your mistake since this is a forum for knowledge sharing rather than leg pulling.

I felt so good, delighted, and contented when you told me errors i committed at the time of answering a query. Infact I consider you as a very knowledgeable and learned expert who is so keen to make ppl aware abt their errors. Indeed i m thankful to you for correcting me since we are not perfect and in my opinion knowledge replicates by sharing not by preserving.

Anyways I am not being unfair, rude or is using any sort of trick to prove you wrong or highlight any sort of mistake. Truly speaking word interest was there as i saw before posting reply that interest will not be allowed.

In case you feel that i m trying to search any mistake intentionally then i will now never reply to any of your posts. Really dnt meant to annoy you.

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CA VISHAL RANA,CS,B.Com,AMFI

CA VISHAL RANA,CS,B.Com,AMFI (Expert)
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17 December 2011 Abhishek sir and neha ji every expert has own view as per his/her practical exposure.

so above view is correct as per practical life

thanks to abhishek sir and neha mam.

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Abhishek Ranjan Singh

Abhishek Ranjan Singh (Expert)
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17 December 2011 Sorry Neha Mam,
If i hurt you, i respect your thought about this forum. I am here to learn and share my knowledge.

Sorry for my rude words which hurts you. As a friend it is my request forgive me but as you talking about modification of reply i never done it.

Guest

Guest (Expert)

17 December 2011 Abhishekji, dnt be sorry!

In good spirit, If we both are hear to learn and share knowledge than lets drop the modification of reply issue, WE ARE FRIENDS NOW.

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Abhishek Ranjan Singh

Abhishek Ranjan Singh (Expert)
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17 December 2011 We are Always Friend Neha Ji, i will not say thankyou for it because as per me there is no need for thankyou and sorry in friendship.