LIC Premium allowed on due or payment basis ????
(Guest)
15 Replies
Swaminathan
(Chartered Accountant)
(84 Points)
Replied 18 December 2008
For taxation purpose, Insurance paid is to be considered.
Sripada M
(CA)
(365 Points)
Replied 18 December 2008
If you read Section 80C,
It is clearly mentioned that deductions can be availed only on payment. So in your case you can claim deduction in F. Y. 2008-09.
Correct me, if i am wrong....!!
K.K.Majhi
(41 Points)
Replied 18 December 2008
U/S 80C
Dedection for the Payment of Lic Premium can only be claimed on Payment basis not on due basis, and can only be claimed for the FInancial year in which it was paid.
As per your Querry
Premium Due- FY 2007-2008
Premium Paid-FY 2008-2009
Deduction is to Be claimed on FY 2008-09 (AY 2009-10).
Jeet Biswas
(ACMA (in Service))
(5073 Points)
Replied 18 December 2008
yes, jst read ur book once...
CA RAMESH KUMAR AHUJA
(CA, DISA, LLB)
(5452 Points)
Replied 18 December 2008
Allowed on payment basis
Rajat Kedia ACA CS MCOM
(Assistant Manager)
(613 Points)
Replied 18 December 2008
allowed on payment basis
srilakshmi
(ca final)
(369 Points)
Replied 08 January 2009
any 80c deduction is allowed only on payment basis and not on due basis
srilakshmi
(ca final)
(369 Points)
Replied 08 January 2009
any 80c deduction is allowed only on payment basis and not on due basis
Jagadish
(Student)
(368 Points)
Replied 08 January 2009
you can deduct in ay 2008-09 subject to maximum limit
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