Tax Management India. Com
Law and Practice  :  Digital eBook
Research is most exciting & rewarding
  TMI - Tax Management India. Com
Follow us:
  Facebook   Twitter   Linkedin   Telegram
Income Tax - Highlights / Catch Notes

Home Highlights June 2013 Year 2013 This

Deduction u/s 80C - the payment of LIC premiums made during the ...


LIC Premium Payments via Loan Funds Deductible u/s 80C for Previous Year Tax Benefits.

June 17, 2013

Case Laws     Income Tax     AT

Deduction u/s 80C - the payment of LIC premiums made during the previous year out of loan funds are also eligible for deduction u/s 80C - AT

View Source

 


 

You may also like:

  1. Amendment of section 44AD. - computing profits and gains of business on presumptive basis - where an assessee declares profit for any previous year in accordance with...

  2. Deductibility of the amount of service tax paid under VCES, 2013 - contention of the assessee is that the amount paid was a discharge of liability which got crystallized...

  3. Disallowance of claims of superannuation fund u/s. 40A(9) and gratuity fund u/s. 40A(7) - the company had applied for the approval of Superannuation Fund as well as...

  4. Section 43B inapplicable to LIC Mutual Fund as it is not a Public Financial Institution u/s 4A of Companies Act, 1956. List of Public Financial Institutions is...

  5. The HC ruled in favor of the assessee regarding deductions under Section 40A(7)(b) for contributions made to an approved gratuity fund with LIC. The Court determined...

  6. Deemed dividend u/s 2(22)(e) is not taxable in the hands of the assessee company if it is not a shareholder in the companies that extended loans. It is chargeable to tax...

  7. Carry forward of excess payment of tax as ITC for next year - Allegation of availment of excess input tax credit - . The appellant argued that the net tax payable for...

  8. Reduction in tax liability - payment of tax at compounded rate - The assessee with open eyes applied under the scheme and obtained permission. There was no cause for any...

  9. Interest u/s 234B - Shortfall in payment of advance tax - TDS was not deducted on the income received by the payer - prior to the financial year 2012-13, the amount of...

  10. Addition u/s 37(1) - disallowing interest provided on loan - loan was used to purchase shares - Assessee received loan in earlier years on which interest is also paid...

  11. This summary concerns an appeal before the Income Tax Appellate Tribunal regarding violations of Sections 11 to 13 of the Income Tax Act by a trust. The key points are:...

  12. Addition of premium paid to LIC under group gratuity scheme - scheme had been approved by Commissioner vide its order dated 17.03.2017 w.e.f. 01.01.2000 - once the...

  13. Addition towards single premium paid on policy taken for the Director by the Company - Determination of sum of addition - Gross amount or Net amount of premium -...

  14. Refusal to honour the liability of paying the service tax (on the part of LIC) - Renting of immovable property to LIC - It is to be borne in mind that the LIC being an...

  15. Allowability of contribution to Group Gratuity Policy of LIC of India - the trust has not been approved by the Department - the assessee is entitled for deduction for...

 

Quick Updates:Latest Updates