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?
Neha Mishra (@student) (234 Points)
21 February 2014whether 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?
Vardan Singh Sengar
(Accounts Manager in Private Company)
(433 Points)
Replied 21 February 2014
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.
Landmark Judgments: Important Provisions of the EPF & ESI Act interpreted by the Honorable Supreme Court of India
CAclubindia
