Two yrly premiums of single lic paid in fy 12-13
This query is : Resolved
29 March 2013
Can i take rebate of two yearly premiums of single LIC policy paid in FY 2012-13 ? In simpler terms if i pay one regular yearly premium for FY 2012-13 and then another premium for the FY 2013-14 in advance in the same year (ie FY 2012-13) can I take rebate of the two premiums in Asst. Year 2013-14 ?
29 March 2013
whatever amount is paid as Life Insurance Premium is allowed as deduction
but it should be paid in the pY
but it should be paid in the pY
29 March 2013
1) You will get the deduction in respect of FY in which premium is paid.
2) Such deduction will be subject to maximum 20% of sum assured.
2) Such deduction will be subject to maximum 20% of sum assured.
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?
- 15ca /15cb whose income tax login? remitter or nri seller's login?
- TDS U/S. 194NF
- GST on export of services and Input Credit
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- ITC temporary reversal and reclaim
- Regarding Documentation & Compliances for Opening of Unit of Pvt Ltd.
- Applicable TDS rate for sale of property in Nov 2024
- GST ON EXPORT COMMISSION
- Should I report my US salary for January, February, March in Schedule FA?
- Inventory of finished goods
- 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
- 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?
- Query for dubts
- Regarding einvoice taken on nil rated sales
Trending Online Classes
CAclubindia
