Tax saving scheme

Tax Returns AY 11-12. Re Insurance-If the premium is Rs68,000 for a 10lac Sum assured-is this tax deductible?

asked Mar 15 '11 at 06:23 by maggss26 1111

Direct tax code will be applicable from FY 2012-13 (AY 2013-14), all life insurance premiums paid before that have exemptions available under section 80-C (subject to max 1 lakh limit).

So your premium paid in FY 2010-11 is tax deductible.

answered Mar 16 '11 at 14:31 by pankaj 5.2k320


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Asked: Mar 15 '11 at 06:23

Seen: 1,918 times

Last updated: Mar 16 '11 at 14:31