Tax benefit at the end of FY

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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Thank you @Nireka, I shall follow this.

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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 :slight_smile:

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.