SUNNY (STUDENT CS) (377 Points)
26 March 2010i did not paid lic annual premium during the financial year 2008-09 but i paid both premium in financial year 2009-10
can i claim the deduction 2008-09 & 2009-10 in return filling of financial year 2009-10?
example amount of 2008-09 is 3540/-
& 2009-10 3540/-
ashish gupta
( student)
(1922 Points)
Replied 26 March 2010
YES, YOU CAN TAKE THE DEDUCTION OF BOTH THE PREMIUMS BUT THE AMOUNT OF INTEREST OR PENALTY PAID WILL NOT BE TAKEN .
Ratan Deep Saxena
(Asstt Manager (Accounts & Finance))
(2998 Points)
Replied 26 March 2010
Premium Paid for LIC During the financial year can be claimed as deduction U/s 80 C. So total premium paid by you qualifies for deduction U/s 80C. But ofcourse, ignoring penalty, if any.
regards,
ratan
Nomula Sreenivasarao
(DGM -Accounts)
(163 Points)
Replied 27 March 2010
YES,
OBSOLUTELY,
YOU CAN TAKE BOTH PREMIUMS FOR DEDUCTION. EXCLUDING PENALTY CHARGES..
ABHINAV SURELIA
( CA & CS)
(92 Points)
Replied 27 March 2010
Deduction under section 80C is claimed on payment basis, hence u can take the deduction of both the premium in a single year, in which it is paid.
CAclubindia
