Whether premium of an insurance policy due in next year but paid in advance in the current year will be eligible for deduction under section 88, along with the normal premium also paid in the current year. To be more elaborate both the premiums -one against current year's due another against next year's due have been paid in current year. Whether the premium paid against future due will be eligible for deduction under sec 88 in the current year.
Clarification Sought on Tax Deduction Eligibility for Advance Insurance Premiums Under Section 80C, Not Section 88 A participant inquired about the eligibility for tax deduction under Section 88 for insurance premiums paid in advance for the next year, alongside the current year's premium. A respondent clarified that Section 88 is not applicable for assessment years starting from April 1, 2006, and suggested considering Section 80C instead. The original inquirer acknowledged the mistake and requested further clarification under Section 80C. (AI Summary)
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