Lic maturity entry in tally 9
This query is : Resolved
20 March 2019
I've been investing in LIC but I'm not showing the same as investment. Now I've received the matured amount back. In case of investment, all are advising to Debit Bank A/c and Credit the investment account and difference amount with Capital Gain Account. But in my case, I've not kept the record of my LIC Premium payments. So I can't credit investment account. In that case, what should be the treatment? Please advise me soon. Thanks.
20 March 2019
Calculate the premium paid amount and transfer the same to Current account (Capital). Balance will be account in CG...
14 October 2021
When the maturity amount is not taxable, total receipt is credited to capital account.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- TDS in case of Inoperative PAN under Section 192A
- Rental income to a Propreitor
- Appointment of auditor for a charitable trust
- IGST of Feb 23, Can we claim ITC now?
- How to reclaim rent paid on behalf of a registered person?
- GST order u/s 73
- RCM on Commercial Godown
- GST on Transport of Exempted Goods
- TDS on rent paid by a doctor
- TAN Application for Limited Liability Partnership
- Articleship Registration 2024
- Trust Audit filling
- Delay condonation of audit report of a trust
- Credit Note Issue in GST
- GST Self Invoicing
- Filing GST Returns after death of proprietor
- ITC reversal FY 2023-24
- GPA as proof of principal place in GST
- Regarding E way bill password reset-urgent please
- Professional tax on Employees can file Monthly or yearly
Trending Online Classes
CAclubindia
