I bought a ULIP plan in FY 2014-15 and paid my first premium of ₹50,000. I also claimed that amount as tax deduction. However, I haven't paid the premium for this financial year. How does this affect my tax returns?
- Sameer Chebbi
If you haven't paid the insurance premium for a particular financial year, it is obvious that you cannot claim tax deduction under section 80C for the same. If you have declared your investments at the beginning of the year to save TDS then you will have to pay tax when you file your returns.