TDS applicable for life insurance

[Velayutham Panchatcharam]

Insurance taken for father / mother / any dependent is eligible for deduction under section 80C as per new circular no.20/2015 dated 02-Dec-2015

[DR.MARIAPPAN GOVINDARAJAN]

Thank you for the information.

[Ganeshan Kalyani]

The relevant phrase in the said notification refers as:

Section 80C, entitles an employee to deductions for the whole of amounts paid or deposited in the current financial year in the following schemes, subject to a limit of ₹ 1,50,000/-:

'Payment of insurance premium to effect or to keep in force an insurance on the life of the individual, the spouse or any child of the individual.'

In view of above, the queriest need to re-check the notification.

[Ganeshan Kalyani]

Sorry notification in my reply to be replaced as 'Circular'.

AI Summary

Section 80C deduction: life insurance premiums allowed for the individual, spouse or child; parental eligibility disputed by circular.
Dispute concerns whether life insurance premiums for parents or other dependents qualify for deduction under Section 80C. One party cites a circular claiming such premiums are eligible, while another notes the statutory wording limits deduction to premiums on the life of the individual, the spouse, or any child, recommending re examination of the circular and leaving parental/dependent eligibility unresolved pending authoritative clarification.