I have paid my LIC premium on june 2020 which is relating to the period fy 2020-21.
Can I claim deduction while filing itr for the fy 2019-20?
7 Replies
Gagan Deep Singh
(CHARTERED ACCOUNTANT)
(1190 Points)
Replied 12 September 2020
In case it is for FY 2020-2021 then claim deduction in FY 2020-2021
Gagan Deep Singh
(CHARTERED ACCOUNTANT)
(1190 Points)
Replied 12 September 2020
Had you paid it before 31 st march you would have claimed it. So, in past also if you had paid next year premium in advance then you can claim this year also because it would be easy to explain. Otherwise also it would not be a big issue.
Eldhose MV
(Associate)
(63 Points)
Replied 12 September 2020
The deadline for making various investment/payment for claiming income tax deduction for FY 2019-20 under Section 80C (LIC, PPF, NSC etc.), 80D (Mediclaim), 80G (Donations) is July 31, 2020.
How will affect the lic premium deduction
Gagan Deep Singh
(CHARTERED ACCOUNTANT)
(1190 Points)
Replied 12 September 2020
You can claim it for FY 2019-20. It will not be a big issue.
Aman Verma
(209 Points)
Replied 12 September 2020
If the Premium relates to FY 19-20 ie if it was pending and you paid later then you can claim in FY19-20 otherwise you will get deduction inFY 20-21
CA. Umesh kumar
(ca.umesh11@gmail.com)
(1465 Points)
Replied 16 September 2020
Date for making investment/payment for claiming deduction under section 80c/d etc has been extended till 30 june 2020 due to covid 19.
Therefore you can claim it.
Recent Topics
- Tax on Reimbursement of House Rent
- MAHARASHTRA CHARITY COMMISSIONER WEBSITE
- Explanation 3 to section 11(1) read with section 4
- Ammendment in Partnership On Death of Partner and
- TDS Provisions applicability Tax Audit Individual
- NAME CHANGE OF HUF
- Advisory for Reporting TDS Deducted by scrap Deale
- Section 194 J Technical Service/Professional Servi
- Solving of Export Related Problems
- Need your valueble insight.
Related Threads
CAclubindia
