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Deduction u/s 80C

This query is : Resolved 
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(Querist)
05 May 2009 Whether Life Insurance Premium paid in cash is allowed u/s 80C ? If not then where it is provided in Act or any other pronouncement??
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CA Suresh Choudhary

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CA Suresh Choudhary (Expert)
05 May 2009 The deduction under section 80C is allowed on payment basis whether it is cash or cheque.
As you might be knowing in ITR form the receipt of LIP is not required to attached unlike earlier.

If the officer ask for recipt on scrutiny he can get the recipt from LIC.
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Vipul J. Bhavsar

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Vipul J. Bhavsar (Expert)
05 May 2009 Premium paid in cash is allowed U/s 80 C
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Manmohan ACA, CS

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Manmohan ACA, CS (Expert)
05 May 2009 LIC Premium paid in cash is allowed
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