Eldhose MV (Associate) (63 Points)
12 September 2020I 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?
CA Saloni
(Manager-Accounts & GST Consultant)
(5124 Points)
Replied 12 September 2020
If it relates to FY 20-21, you cannot claim it as deduction in 19-20
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
CA Saloni
(Manager-Accounts & GST Consultant)
(5124 Points)
Replied 15 September 2020
The deadline for investment is for FY 19-20 and you have paid premium for FY 20-21.
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