Kamalakar Agashe (Chief Engineer Turbine) (92 Points)
12 March 2011I have gone through ITR4 Part A-P&L Account. At S. No. 16b Life Insurance is mentioned as debit to Profit & Loss account. I have taken single premium policy of ICICI Prudential. Can I show the amount of premium paid here? The premium is Rs 5 Lacs.
Pankaj Arora
(Learner)
(3134 Points)
Replied 12 March 2011
this life insurance means for your employees if any you can mention here...........
Kamalakar Agashe
(Chief Engineer Turbine)
(92 Points)
Replied 12 March 2011
| Originally posted by : Pankaj Arora | ||
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this life insurance means for your employees if any you can mention here........... |
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Frankly I was going to claim deduction of Rs 1 Lac u/s 80C but when I checked this form I find that I can claim Rs 5 Lacs as an expense instead.
I am employed by a company but they pay me as a service provider and issue Form 16A. You can say I am sole employee in my business not drawing any salary or if the salary really matters I can draw some salary and show it at S. No 15.
My business depends upon my survival and my insurance is incidental to my business. If there was an employee I was entitled for this expense then why not for me
Pankaj Arora
(Learner)
(3134 Points)
Replied 12 March 2011
You have to mention this 1LAC u/s 80c in other section portion schedule VI-A.
Kamalakar Agashe
(Chief Engineer Turbine)
(92 Points)
Replied 12 March 2011
| Originally posted by : Pankaj Arora | ||
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You have to mention this 1LAC u/s 80c in other section portion schedule VI-A. |
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I know that but could you please answer the original question. I have one more doubt. If S. No. 16 was applicable for employees only than it could have been written under S. No 15 e.g. 15k.
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