Filing of i.t. return
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
27 July 2012
Dear Sir,
Please tell me about filling of I.T. Return. Our one employee want to file I.T. Return. He Gave me his investment details. We are issue to form 16 (F.Y.11-12) but problem is employee investment is 21500 & additional investment is 6124/- in lic policy shown in his wife name he paid premium in cash. So can he take additional investment benefit in his I.T. Return & We are shown his investment in form-16 is 24542/- so please tell me.
Please tell me about filling of I.T. Return. Our one employee want to file I.T. Return. He Gave me his investment details. We are issue to form 16 (F.Y.11-12) but problem is employee investment is 21500 & additional investment is 6124/- in lic policy shown in his wife name he paid premium in cash. So can he take additional investment benefit in his I.T. Return & We are shown his investment in form-16 is 24542/- so please tell me.
27 July 2012
he can claim the entire investments in lic subject to condition that his wife was purely dependent on him and it should be paid through cheque.
27 July 2012
You must be aware of the provisions for 80C regarding LIC Premium.
So, if the amount is paid in cash it is not allowable as deduction u/s 80C.
So, if the amount is paid in cash it is not allowable as deduction u/s 80C.
Guest
Guest
(Expert)
27 July 2012
By whatever mean or mode (CASH OR CHEQUE) you pay the premium of LIC, thats eligible for deduction from income upto the limit ot 100000.
Guest
Guest
(Expert)
27 July 2012
Also just to share here, Cash payments are not allowed as deduction in case of mediclaim premiums u/s 80D.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Is this income indian or foreign income?
- REGARDING GST ON COMMERICIAL PROPERTY
- 15ca /15cb whose income tax login? remitter or nri seller's login?
- GST on export of services and Input Credit
- TDS U/S. 194NF
- ITC temporary reversal and reclaim
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- Regarding Documentation & Compliances for Opening of Unit of Pvt Ltd.
- Applicable TDS rate for sale of property in Nov 2024
- Should I report my US salary for January, February, March in Schedule FA?
- Can a partnership firm become partner in a LLP ?
- Quiery in relation to GST liability in case of an advocate who has obtained GST registration.
- LAST YEAR 2022-23 ITC IN NEXT YEAR 2023-24 REPORITNG IN GSTR-9
- MIS MATCH OF INVOICE NUMBER
- IGST Credit-Show cause notice issued-confusion
- TDS on purchase of value vouchers for employees ?
- Issue of gst e invoice
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
Trending Online Classes
CAclubindia
