Question
From the following particulars of Mr. X, compute the amount of deduction u/s 80C for the previous year 2019-20. 1. Life insurance premium paid on:
From the following particulars of Mr. X, compute the amount of deduction u/s 80C for the previous year 2019-20.
| 1. Life insurance premium paid on: | Own policy | Rs. 30,000 |
|
| Life of wife | Rs. 10,000 |
|
| Life of father | Rs. 10,000 |
|
| Life of married daughter and her husband (join policy) | Rs. 10,000 |
| All policies were taken in 2010 | ||
| 2. Contribution of recognized provident fund @2,000 p.m. | Rs. 24,000 | |
| 3. Deposit in public provident fund in March, 2020 | Rs. 45,000 | |
| 4. Group insurance premium | 3,000 | |
| 5. Investment made during 2019-20 in NSC (VIII issue) out of agricultural income | 10,000 | |
| 6. Repayment of loan taken from LIC for the construction of residential house property Rs. 4,000 p.m. including Rs. 1,000 as interest | 48,000 | |
| 7. Accrued interest on NSC (VIII issue) | 4,000 | |
| 8. Insurance premium on the life of minor son paid on 2/4/2020 | 8,000 | |
(10 marks)
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Inside Accounting The Sociology Of Financial Reporting And Auditing
Authors: David Leung
1st Edition
1138251178, 9781138251175
