Sec.40A(3)
This query is : Resolved
12 January 2009
Plz. answer the following:-
Is payment of a LIC Premium for an amt.more than Rs.20,000/- in cash is exempted u/s 40A(3)?
Is payment of a LIC Premium for an amt.more than Rs.20,000/- in cash is exempted u/s 40A(3)?
12 January 2009
If it is paid to Life Insurance Corporation , then it is not disallowed u/s 40A(3).
12 January 2009
Payment of LIC Premium does not come under the perview of section 40A(3) since it is not a business expenditure but rather deduction from income. It is not mentioned any where in srction 80C as to mode of payment like under section 80D.
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