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?
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Lic premium deduction
Replies (7)
In case it is for FY 2020-2021 then claim deduction in FY 2020-2021
Is any problem in claiming in fy 19-20
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.
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
You can claim it for FY 2019-20. It will not be a big issue.
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
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.
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