dedeuction u/s 80c

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whether deduction of late fees paid on lic premium are allow as a deduction u/s 80c

AI Summary

Deductibility of late fees on life insurance premiums depends on whether such charges qualify as eligible premiums for tax deduction. Whether payments termed late fees on LIC policy installments qualify as a premium eligible for deduction under Section 80C depends on whether the charge is statutorily characterized as part of the premium or as an incidental/penal charge excluded from allowable deductions.