March 31 marks the culmination of current financial year. In case you have not made any tax-saving investment so far, there are two more days to seize the opportunity before you actually miss the bus. You can make the investments for the purpose of saving, while also making provision for the purpose of availing income tax exemptions. Even for the previous years gone by: 2015-16 and 2016-17, one can file the belated income tax returns, however, the savings made now will not entitle the tax payer to avail the exemptions for the years that have lapsed, for the obvious reasons of course. The Income Tax Department has decided to keep its offices across the country open through March 31, despite government holidays on the occasion of Mahavir Jayanti (March 29) and Good Friday (March 30). LIC or Life Insurance Corporation offers several income tax benefits under its policies. Income tax laws that provide for tax benefits through LIC policies range from Section 10 to Section 80C of the Income Tax Act, 1961.
Here are some of the key income tax benefits you can claim from LIC Life Insurance policies for assessment year 2018-2019 (financial year 2017-2018):
Income tax deduction allowed under Section 80C of the Income Tax (I-T) Act on payment of LIC life insurance premium:Also readIncome tax saving of up to Rs 45,000Income tax deduction under Section 80U or Section 80DDB on payment of life insurance premium for physically challenged person:Income tax deduction under Section 80CCC on investment in annuity plansIncome tax deduction under 80D on health insurance premiumIncome tax deduction under Section 80DD for medical expense of physically challenged personIncome tax exemption under Section 10(10A) on commutation of pensionIncome tax exemption under Section 10(10D) on maturity or death claimsEssential Business Intelligence, Continuous LIVE TV, Sharp Market Insights, Practical Personal Finance Advice and Latest Stories — On NDTV Profit.
