How do I avail tax benefit of the LIC investment I did on 31st March 2021.
Hi @Ron,
LIC investments are usually eligible for Chapter VIA deduction u/s 80C under the Old Tax Regime. When filing your ITR you can disclose the amount invested under LIC investment and adjust your total taxable income accordingly for FY 2020-21.
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@Ron,
You might also find this useful, we released recently a video to help taxpayers like you plan their taxes better.
We thought this might be relevant to millions of others just like you, considering the Financial Year has just kicked off!
Happy tax planning 
That’s great, will watch and if any query will post it here.
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Can I claim the deduction for investments made in April, May 2020 while filing my ITR for FY 2019-20.
Hi Sofiyah,
Yes, you can make tax-saving investments u/s 80C, 80D like ELSS mutual funds, medical and life insurance premiums, PPF, etc. up till 30th June 2020 and claim it while filing your ITR for FY 2019-20.
my LIC policy got forclosed . so . i submitted the original papers to the LIC and got the NEFT in bank account .
my concern is : do LIC deduct the TDS while paying money to me ?
do LIC deduct TDS of payment of maturity due of any of the Policies ? how do i have to submit the form 15H/G ; if i don’t want the TDS to be deducted ?
Hello @HIREiN,
In case of payment at the time of LIC policy maturity if the policy was issued after 01/04/2012 and the premium paid is less than 10% (20% if issued before 01/04/2012) of the sum assured then the same shall be exempt from tax and hence no TDS to be deducted.
If the proceeds are taxable and the amount is more than INR 1 Lakh then TDS shall be deducted @5%. You can read more about it here: Section 194DA: TDS on Payment of Life Insurance Policy - Learn by Quicko
Form 15G/H can be submitted if the tax on taxable income is nil.
Hope this helps!
to whom and how to submit ?
Hey @HIREiN,
You can get in touch with the Deductor (insurance company by insurance agents) for the same. You can check out the form here: Downloads > Income Tax Forms
Hello Team i received LIC maturity amount for my policy taken before 2012 and premium is also less 20% of the sum assured. thsi gets added in my taxable income and huge income tax comes as pending. how to set this right via quiko
Hello, can Meal coupons be shown under any exemptions under section 10?
Please guide exactly which section number as I don’t find it in efiling site.
Thanks in advance.
Hi @Deepali_B
Yes, food/Meal allowance is provided by the employees to meet the food expense an employee may incur. Coupons up to ₹50 per meal are tax-exempt. This means if there are 22 working days in a month and 2 meals a day then an employee can claim ₹26,400 (22 * 2 * 50 * 12) as an annual exemption from his salary.
You can show it under salary income > other allowances on Quicko. Here’s how you can Add Income from Salary on Quicko : Help Center.
You can refer to this article for filing through the e-filing portal.
Hope this helps.
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Thanks Shrutika this helps.
Hi, Are meal allowance applicable under New Tax Regime too?
Hi @Deepali_B
Exemption or deduction for any other perquisites or allowances including food allowance of Rs 50/meal subject to 2 meals a day cannot be claimed under the new tax regime.