Should Medical/Life/Other Insurance be deducted from capital a/c or Should it be shown in P&L a/c in case of Proprietorship business? What are the tax implications?
26 March 2011
for life insurance & mediclaim you have to debit the capital a/c as withdrawl bcz it not a expense but other ins. like machinery,shop,vehicle etc. you have take in P&L as expense.
CAclubindia
