Treatment Of Lic premium
This query is : Open
29 August 2020
I am a salaried person ( No business income)
and preparing my accounts on tally from past few years
i know its not compulsory but even though i do so
so i am paying lic premium
but i want to know that whether it should be shown under investment or under capital
what is correct accounting treatment
i want fundamentally correct answer sir and the logic behind it
and preparing my accounts on tally from past few years
i know its not compulsory but even though i do so
so i am paying lic premium
but i want to know that whether it should be shown under investment or under capital
what is correct accounting treatment
i want fundamentally correct answer sir and the logic behind it
29 August 2020
Fundamentally both provisions/treatments are one and the same and allowed, investment u have to carry on years to years, that's why people generally show LIC premium paid in capital and don't carry the balances..!!
31 August 2020
You can show it as an Expenditure and make accrual entry in the books of accounts for LIC Bonus and other receivable as per terms and conditions of the policy if you know the calculations.
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
- REGARDING GST ON COMMERICIAL PROPERTY
- Is this income indian or foreign income?
- 15ca /15cb whose income tax login? remitter or nri seller's login?
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- GST on export of services and Input Credit
- ITC temporary reversal and reclaim
- Regarding Documentation & Compliances for Opening of Unit of Pvt Ltd.
- TDS U/S. 194NF
- Applicable TDS rate for sale of property in Nov 2024
- Tds on building rent monthly
- Event company query
- MIS MATCH OF INVOICE NUMBER
- VERIFICATION OF REFUND RELATED
- GST Regis.
- ITC c/f from FY2022-23 to FY2023-24 entered the same in table 8C of GSTR9 of FY 2022-23, in FY23-24
- Late filling fees Demand by gst office
- IGST Credit-Show cause notice issued-confusion
- Short and Excess provision of expenses
- Issue of gst e invoice
- Interchangeable words in accounts
Trending Online Classes
CAclubindia
