Lic premium

Tax queries 315 views 6 replies
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Executive
72 Points Joined May 2010

Hi,

if i will pay Lic premium which due on 28th March after 1st April, then in which year i can claim for deduction?

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On 28 March 2016 at 14:40 Report
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Student CA Final
58 Points Joined August 2015
In the year of payment
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On 28 March 2016 at 14:56
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Consolidation and IndAS Application
1056 Points Joined May 2010

Deduction is available in the year of payment only.

However, If you pay the same thru credit card upto 31 March 16, you can claim the deduction in this year only and cash outflow from your pocket will be in april.

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On 28 March 2016 at 15:06
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Executive
72 Points Joined May 2010

Thanks 

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On 28 March 2016 at 17:00
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CA
2141 Points Joined March 2014
In the year of payment only.
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On 28 March 2016 at 18:43
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officer
37 Points Joined February 2016
In the FY of payment only.Now the payment of premium is also permitted by LIC within one month of due date only.
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On 29 March 2016 at 10:55
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officer
37 Points Joined February 2016
In the FY of payment only.Now the payment of premium is also permitted by LIC within one month of due date only.
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On 29 March 2016 at 10:55


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