Search Results For: 80C


QUERY: Does levy of fee for delayed filing of return apply to the below taxable income return? Moreover, if income is below taxable after deduction under Chapter VI-A, (for example net income is Rs. 3,90,000/- and deduction under section 80C is Rs. 1,50,000/-), will the late fee be levied in this case? (for A.Y. 2018-19).
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Question of levy of fee will not arise as income is below taxable limit and therefore he is not liable to file return of income

QUERY: If a policy holder pays premium more than 10% of the sum assured, can he claim deduction under section 80C of the Act? When amount is received, how it would be taxed?
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Section 80C provides that an assessee, being an Individual or HUF shall be allowed a deduction from gross total income of an amount not exceeding Rs. 1,50,000/- in respect of amount paid or deposited in the previous year in the specified savings listed in section 80C(2) of the Act. One of amount for which a policy holder is entitled for deduction is amount deposited to effect or to keep in force an insurance on the life of the policy holder. However, as per section 80C(3A) only premium paid on insurance policy which is not in excess of 10% of the actual capital sum assured, is allowable for deduction.