HI Folks,
In legacy period from 01.04.08 to Feb 2009, for an employee he has contributed as sum of Rs.5000 towards LIC subscription, if i want that amount to be exmpted from tax u/s 80 , should i enter the amount in '/' Wagetype or if i enter the deduction wagetype, will the system automatically consider it for tax exemption. Experts plz advice.
Regards,
Sekar.