My question is that if only 20% amount of lic is elgible in
one financial year for tax exemption, than one time
instalment in lic is elgible for tax exemption ?. for
suppose i invest 25000 Rs. only one time in lic.pls. tell
me it is elgible or not.
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Answer / raj
My friend, the limit is 20% of Policy amount. If you invest
Rs.25000 in one time lic, its eligible for deduction
provided your sum assured is more than or equal to Rs.125000/-
| Is This Answer Correct ? | 3 Yes | 0 No |
Answer / amit kumar
See my friend exemption is only 20% for the complete
installment for the year but it cannot exceed Rs-12,000/
if the amount exceed this amount than exceeding amount is
not liable to reduce the tax liability
| Is This Answer Correct ? | 0 Yes | 2 No |
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Dear Experts, I need your help in deriving a formula for calculating three taxes with a combination of cumulative and inclusive tax. Here are the examples with expected result. Please let me know the formula on how to get the given result. Example1: Total Product Value (V) = 1000 (with inclusive of all 3 taxes and below mentioned cumulative combinations) Tax1 rate is 10% and Tax1 is inclusive. Tax2 rate is 10% with Tax2 is inclusive and cumulative of Tax1 Tax3 rate is 10% with Tax3 is inclusive and there is no cumulative of Tax1, Tax2 Expected Results are: Tax1=76.34 Tax2=83.97 Tax3=76.34 Let me know formula to derive above values? Example2: Total Product Value (V) = 1000 (with inclusive of all 3 taxes and below mentioned cumulative combinations) Tax1 rate is 10% and Tax1 is inclusive. Tax2 rate is 10% with Tax2 is inclusive and cumulative of Tax1 Tax3 rate is 10% with Tax3 is inclusive and cumulative of Tax2 Expected Results are: Tax1=75.70 Tax2=83.27 Tax3=84.03 Please let me know formula to derive above values? Thanks in advance.
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