Deductions from total income
SECTION 8O0C – LIFE INSURANCE PREMIA, CONTRIBUTIONS TO PROVIDENT FUND, ETC. [SECTION 87 AS ORIGINALLY ENACTED/SECTION 80A BETWEEN 1-4-1965 TO 31-3-1968]
488. Life insurance premium receipts annexed with income-tax return – Instructions regarding their return to assessees
The present procedure is that life insurance premium receipts which are produced by the assessees in support of their claim under section 80C are made a part of income-tax records. It has been suggested to the Board that policy-holders are frequently required by the LIC to show the original receipts towards proof of the payment of the premium. The question as to how to deal with the request for return of the life insurance premium receipts has been considered by the Board. It has been decided that wherever the assessees apply for return of life insurance premium receipts the same could be returned to them after recording a note (under the Income-tax Officer’s signature with date) against the column provided for in the return claiming life insurance premium rebate, to the effect that “the claim has been verified with reference to the original receipts which have been returned to the assessee”.
Circular : No. 321 [F. No. 246/2/78-IT(A-II)], dated 15-1-1982.