Transactions & Dealings >> Interest & Insurance

Question ID: 170729Country: INDIA

Title: Interest and Insurance

Question: I am a state govt employee of Odisha. Can I use interest money received from L.I.C ,India in lieu of Annual Income Tax which is directly deducted from my salary in the month of February every year? (So it will be assumed that the interest money received from L.I.C is being used for payment of Annual Income Tax)

Answer ID: 170729Posted on: Sep 1, 2020

Bismillah hir-Rahman nir-Rahim !

(Fatwa: 824/733/SD=09/1440)

If the LIC is a government company then you may use interest received from LIC equal to the deducted amount in income tax. It is allowable.

Allah (Subhana Wa Ta'ala) knows Best

Darul Ifta,

Darul Uloom Deoband, India

Related Questions

Q. Interest 1515 views
Q. Regarding joining a company 1618 views
Q. Every debt that brings some profit is interest 1312 views
Q. can we use interest money given by banks for marriage of poor muslim girls/boys.Is it only ok for the purpose of gifts given to bride/groom or we can use it in dawat-e-walima also.Is this money can be utilized in social welfare works like constructing road in front of my home which is common for use of all.Plz answer in detail as many persons are interested in knowing this detail. 4296 views
Q. Personal Loan from Bank 3879 views
Q. I want to purchase the car on Loan from the Nationalised Bank. The bank will give the money directly to the Car Distributor. and the car Distributor give the car to me and I will pay in instalment to the Bank (with the amount Intrest) Is it permisible uner shariat Law or not? 2176 views
Q. Complicated issue regarding taxes 2341 views
Q. What about use of credit card? Can I use them and pay with in free credit period limit? To be more clear, credit card provides a time limit to pay your bill. till that time they are not going to harge you any interest. So can i use the credit card if i pays the bill with in time limit? 1932 views
Q. Rendering Indirect service to banks 1420 views
Q. In our state, the Govt provide us loan without interference of bank. They give us loans to start new business and plus provide us 35% subsidy on that loan. Which basically equals as if it is a interest free loan or some other scheme where the rate of interest is hardly 4%. I want to start a business and should I go for this schemes? Please help. 3022 views
Q. Interest money utilization 3142 views
Q. Education loan 2361 views
Q. I am System Operator in Srikalahasti Municiality and Agent in Bajaj Allianz Life Insurance Co. Ltd., my doubt is in Bajaj Allianz I do only (ULIP) Unit Linked and Insurance Product - That means depend on Share Market and company gives Insurance also to constomer - please give clarify to me immediately. 1366 views
Q. Is it permissible to give interest amount as loan to needy a person not eligible for for zakah? 2030 views
Q. I work in JP Morgan Chase which is an interest based bank providing finance to its customers in America 8102 views

Total Questions: 9181

Faiths & Beliefs

Miscellaneous

Prayers & Duties

Social Matters

Transactions & Dealings

Title: Interest and Insurance

Related Questions