10 November 2008
the premium paid for insurance of life for self , spouse and children whether it is deductible on the basis of payment or in the year for which to it relates??
10 November 2008
Section 80C is applicable only if the payment to LIC has been made out of the income earned during the year. It is allowed only on payment basis.
11 November 2008
It is available on payment basis. Even in a case where cheque is issued at the year end but paid by bank in next financial year it will be deductible in the year in which it has been tendered.
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