24 June 2011
I had seen one Form 16 recently of one of my client for A.Y. 2011-12. It was from some MNC. In that Form, the company had allowed deduction of LIC Premium paid only on himself and not even on his wife was being taken. And deduction u/s. 80GG for rent was allowed Rs. 48,000/-. I will like to know wether company can -
I) disallow LIC Premium paid on spouse & children for the purpose of TDS on salary ?
II)And can deduction u/s. 80GG be claimed upto Rs.. 24,000/- or Rs. 48,000/-.
III) What is the age limit for senior citizen for A.Y. 2011-12?
Please advice me as I have to file the Return. Thank You.