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Interest and Insurance

Answered according to Hanafi Fiqh by Darulifta-Deoband.com
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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)

بسم الله الرحمن الرحيم

(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 knows Best!

Darul Ifta,
Darul Uloom Deoband

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