CA KRIPA HARISH
(CHARTERED ACCOUNTANT)
(331 Points)
Replied 13 December 2008
no deduction is available for late fees paid for lic premium
Sunali
(Learner)
(1317 Points)
Replied 13 December 2008
Deduction under Sec 80C is allowed only for the amount of premium paid....hence excluding fine..
Devendra
(Qualified Audit Assistant)
(521 Points)
Replied 13 December 2008
Fine paid for late payment of premium is not allowed as deduction as it is penal in character.
Neeraj Bansal CA
(SAP FICO Consultant)
(211 Points)
Replied 13 December 2008
no, only lic premium is eligible for deduction u/s 80C
ALL OTHER LIKE INTEREST IS NOT DEDUCTABLE
CA Tilak Raj Sharma
(Practising CA in Solan (H.P.))
(6374 Points)
Replied 13 December 2008
No, that is not insurance premium,
Prabeer
(B. COM (H) CA & CS Final)
(5484 Points)
Replied 13 December 2008
Thanks 2 all for answering.
shailesh agarwal
(professional accountant)
(7642 Points)
Replied 13 December 2008
AND THAKS FOR ASKING
Satyam Jaiswal
(Articled student)
(60 Points)
Replied 14 December 2008
late fine paid is not allowable as deduction
CAclubindia
