L.I.P. Receipts-Return of-Instructions regarding - Income Tax - 321/1982

L.I.P. Receipts-Return of-Instructions regarding Circular No. 321 Dated 15/1/1982 To All Commissioners of Income-tax. Sir, Subject: L.I.P. Receipts-Return of-Instructions regarding. The present procedure is that LIP receipts which are produced by the assessees in support of their claim u/s. 80C are made a part of the income-tax records. It has been suggested to the Board that policyholders are frequently required by the LIC to show the original receipts towards proof of the payment of the premium. The question as to how to deal with the request for return of the LIP recceipts has been considered by the Board. It has been decided that wherever the assessees apply for return of LIP receipts the same could be returned to them after recording a note (under the I.T.O.'s signature with date) against the column provided for in the return claiming LIP rebate, to the effect that "the claim has been verified with reference to the original receipts which have been returned to the assessee." 2. You are requested to please bring these instructions to the notice of all officers working under your charge for information and compliance. Yours faithfully, (Sd.) P. Saxena Secretary, Central Board of Direct Taxes.