Swami Ayyappa Nuli (TAX ADVISOR & CONSULTANT AT G.S.T SUVIDHA CENTER) (1372 Points)
06 August 2013My client have a LIC policy since 2 years! as we all know LIC Premium paid should be allowed as deduction only on payment basis.My doubt is what is the due date for payment of premium to get deduction under sec 80C.wheather it is before the completion of previous year i.e by 31/03/2013 or before filing of IT return and in second case (i.e before filing of IT return),wheather it shoulb be the due date as per u/s 139(1) or any time befor filing of IT return?
plead an Early reply
Devendra
(Chartered Accountant)
(4775 Points)
Replied 06 August 2013
As per my knowledge it should be paid before the end of the relevant previous year.
Pakshal Shah
(Practicing Chartered Accountant)
(271 Points)
Replied 06 August 2013
PRANAV MISHRA
(CA Final student)
(573 Points)
Replied 07 August 2013
Premium paid in a mode other than cash before the close of the relevant previous year shall only be eligible for deduction !!!
Regards.
Pooja
(Final CA)
(502 Points)
Replied 07 August 2013
| Originally posted by : PRANAV MISHRA | ||
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Premium paid in a mode other than cash before the close of the relevant previous year shall only be eligible for deduction !!! Regards. |
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You are confusing provisions relating to Mediclaim u/s 80D with LIC u/s 80C. Premium paid in cash for LIC is allowed as deduction. The premium paid in the relevant previous year is allowed for deduction. For example: In A.Y 2013-2014, premium paid in F.Y 2012-2013 upto 31st march 2013 will be allowed for deduction u/s 80C.
CA Prashant Gupta
(DGM (F & A))
(14068 Points)
Replied 07 August 2013
it is before end of relevant previous year.
like if you want take benefit in A.Y. 13-14 then you must pay that before 31-3-13.
return date doesn't matter in this case.
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