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Former Member
Apr 25, 2009 at 07:04 AM

LIC Tax exemption in legacy period.

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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.