Lic premium

Neha Mishra (@student) (234 Points)

21 February 2014

whether LIC premium u/s 80C will be deductible under cash basis or proportionate to the months

e.g. I paid Rs.6000 LIC premium in FEB 2014 for 6 months

then for A.Y.2014-15

WHAT WILL BE DEDUCTION?

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3 Replies

(Guest)

cash basis.

The deduction would be Rs 6000 paid during FY 2013-14 (AY 2014-15)

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Vardan Singh Sengar (Accounts Manager in Private Company) (433 Points)
Replied 21 February 2014

did n't understand your question...

ABHISHEK ADITYA (CA Final 1st group cleared) (213 Points)
Replied 21 February 2014

LIC premium allowed on the paid basis during any financial year. In your case Rs. 6000/- allowed u/s 80C during A.Y 2014-15.

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