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Disclosure of amount in AL schedule

Rahul Rustagi (Student CA Final ) (310 Points)

02 March 2019

Can someone plz tell me what amount we are required to mention in Insurance Policy in AL schedule of ITR.. Whether premium amount paid till date (aggregate amount of premiums paid till date) or the surrender value of the policy..???

It's urgent

Thanx in advance

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2 Replies

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (166384 Points)
Replied 02 March 2019

Generally Life Insurance policies are not required to be declared as assets, and the premium paid are debited to personal expenses.

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Rahul Rustagi (Student CA Final ) (310 Points)
Replied 18 March 2019

Vishesh ji, you mean to say if we have paid premium Rs 20L from the inception of the policy till date and the amount of premium paid during the concerned FY is Rs 2L, then we show Rs 2L in the Schedule AL..??