Somsuvra Mukherjee (Advocate) (75 Points)
17 July 2012Hi everyone.
I just want to know the difference between Section 80C and Section 10 (10 D) of The Income Tax Act, 1961.
Please help me.
Prakshal M. Shah
(CA & M.Com)
(69 Points)
Replied 17 July 2012
Dear,
Sec. 80C is for deduction where u get deduction of LIC premium paid whereas sec. 10(10D) is for exemption any sum received from insurance company on maturity is exempt u/s. 10(10D )
Thx
CA.Anupriya Agarwal
(Practising CA)
(110 Points)
Replied 17 July 2012
Agree with Mr. Prakash
80C is for premiums paid in for years and you get deduction for the same every year you file the return subject to Rs. 1L
While, In 10(10D) you get the deduction for the lump sum amount which you get on maturity.
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