Raja 05 December 2017

IT Return

Hello..
I am paying a yearly premium of Rs 32,143 in the month of January towards LiC policy which commenced in January 2015. The payment receipt generated shows that the premium is paid for the financial year...(e.g if premium paid in Jan 2016..the financial year is shown as 2015-16)..

Can I claim IT return for the deductible income tax from April 2015 - to March 16..for which yealy Premium is paid in Jan 16....

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3 Replies

P. Venu (Advocate) 05 December 2017

What is the real issue?

Jigar 05 December 2017

Dear Raja

You can claim deduction of LIC Payment in the year when you ACTUALLY paid the LIC Premium. So in your case, you had paid premium in Jan 16 so you are eligible to get rebate of the said premium paid in the Acct Year 2016-17 ( Asst Year 2017-18)

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VARUN MAHAJAN (Proprietor) 23 December 2017

AS PER YOUR QUESTION YOU MUST BE AWARE OF FINANCIAL YEAR & ASSESSMENT YEAR.

FINANCIAL YEAR IS THE UEAR IN WHICH YOU RECIEVED YOUR INCOME AND DONE YOUR SAVING LIKE STATED BY U UR LIC WHEREAS THE SAME HAS TO BE CLAIMED IN YOUR RETURN IN YOUR ASSESMENT YEAR.

SO AS PER ADV JIGAR U CAN CLAIM WHAT EVER YOUR SAVINGS ARE WHICH ARE QUALIFIES UNDER DEDUCTIONS AND FILE UR RETURN ACCORDINGLY