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Dec 24, 2010 · To LIC Premium A/C 45000. To Interest on LIC A/C 30000. In this you will treat the amount of Rs 30,000. as interest income (revenue receipt). However he can claim this as deduction u/s 80C for Rs 30,000. Hope this has helped you. Rahul Gupta (Chartered Accountant) (644 Points) Replied 24 December 2010.
Nov 21, 2023 · LIC typically stands for "Life Insurance Corporation is the largest life insurance company in India and is owned by the government. It was established in 1956 and has been offering insurance to millions of people across the country for over 60 years.
Nov 21, 2023 · The Steps to pay LIC premium Online are : Registered policyholders can visit LCI website. Click on the Customer Portal option. A popup may appear, asking if you are sure you want to continue as this may lead to an external link. Click "OK" to proceed. Once you're in the customer portal, look for the 'Quick Pay' option.
Dec 20, 2023 · As per the notification 13/2017 dated 28/6/2017 entry no 7 , In case of Insurance commission Agent GST payable under RCM , by LIC . Just consult with your LIC branch office. Take others opinion as well. Gst is payable under RCM. but since aggregate turnover is above 20 lakhs. have to take gst registration.
May 23, 2014 · Now, the Interest on Loan from 2011 to 2014 became Rs.25 Lakhs, hence, the total loan outstanding incl. Interest became Rs.1 Crore (75 L + 25 L). My query is whether the Interest of Rs.25 Lakhs on Loan from LIC is allowable as expense from Business Income. Sir, It is your personal loan or Business loan, If you having business loan then you ...
Dec 20, 2011 · Replied 20 December 2011. Dear Jayanthi Ji, You can claim the deduction of LIC premium paid for the life cover of your Spouse u/s 80C of I.T. Act, provided the amount of premium do not exceed 20% of the Sum assured of Life Policy and the threshold limit of Rs. 1,00,000/- u/s 80C is not yet exhausted in your case. 1 Like.
Feb 15, 2014 · 11 Replies. akanksha (CA Final Student) (325 Points) Replied 15 February 2014. Commission is taxable under the head "Income from other sources". If assessee has salary too from some other employer then salary will be taxable under the head "Salary Income". Deductions or exemptions as available to any other individual wil be applicable.
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Dec 28, 2011 · The answer is NO it is not taxable under income tax. Under the provisions of section 10 (10D) of the Income-tax Act, 1961, Maturity/Death claims proceeds of life insurance policy, including the sum allocated by way of bonus on such policy is exempted from income-tax. However any sum (not including the premium paid by the assessee) received ...
May 31, 2022 · Replied 31 May 2022. Yes, the deduction is allowed to the son of the LIC premium paid for dependent parents. In my opinion, also, no deduction is allowed for grandparents u/s 80D. sabyasachi mukherjee (27403 Points) Replied 31 May 2022. Solitary exceptional cases are exclusively dealt. Upgrade to CAclubindia Pro.
