TDS applicable for life insurance, Income Tax

[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

Posts / Replies

[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'.