Tax for Policy premium paid in April for March’s due date

Naveen Gupta (4 Points)

22 February 2022  

Hi,

There was a policy premium due for March 2021. But, its premium was paid in April 2021.

Its premium is deductible for tax saving under section 80c.

Now, can that tax deduction be claimed for the financial year 2021-22 since the premium was paid in this year?

Or it could have been claimed only for the year 2020-21 since the premium was actually due for that year.

Please help.

Thanks in advance!