03 May 2013
lic premium allowed only for that year in which it is paid. so allowed in current year though late payment charges will not be allowed, if any
03 May 2013
80C ''In computing the total income of an assessee, being an individual or a Hindu undivided family, there shall be deducted, in accordance with and subject to the provisions of this section, the whole of the amount paid or deposited in the previous year, being the aggregate of the sums referred to in sub-section (2), as does not exceed one lakh rupees.''
this is the text of section 80C. note the word 'paid or deposited'.. Therefore allowed in the year of payment. as paid on 4.4.13 allowed only in A.Y. 14-15