TaxTMI 
TaxTMI 
dear sir,
i would like to know whether one can claim the premiums paid towards LIC in the month of March 2012 for this assessment year under Section 80 C of incometax act.
chakravarthy.
clarification on 80 c
25 Feb 2013 
1 Reply 
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Deduction under Section 80C: premiums paid in March belong to the earlier financial year and must be claimed then.
Premiums paid in March 2012 fall within the financial year 2011-12 and can be claimed as a deduction in that previous year (assessment year 2012-13); the claim cannot be made in the subsequent previous year. (AI Summary)
Premiums paid in March 2012 fall within the financial year 2011-12 and can be claimed as a deduction in that previous year (assessment year 2012-13); the claim cannot be made in the subsequent previous year. (AI Summary)