Where to show lic investment ?
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
08 March 2013
Respected Sir/ Medam ,
There is LIC premium every year ,where to show that amount
1) as investment into balance sheet
or
2) as withdrawal in capital
and
if both ways are right then if that amount shown as withdrawal for last year and i want to show now as investment ,is that possible?
There is LIC premium every year ,where to show that amount
1) as investment into balance sheet
or
2) as withdrawal in capital
and
if both ways are right then if that amount shown as withdrawal for last year and i want to show now as investment ,is that possible?
08 March 2013
You can show in your capital account.
And deduction u/s 80C
And deduction u/s 80C
Querist : Anonymous
Querist :
Anonymous
(Querist)
08 March 2013
sir, is that wrong to show in balance sheet as investment????
09 March 2013
If the Person has maintained business book & Personal book separately. It is better to shon in LIC in books of Balance Sheet of Personal Book.
In Books of Business, Premium is treated as drawings.
Hope your query is solved now.
In Books of Business, Premium is treated as drawings.
Hope your query is solved now.
Message likes :
1 times
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
- HSN Details in IFF/GSTR-1 & in GSTR 9
- Refund of AY 22-23
- Tax on capital gains revoked us 54f
- Should I include march foreign salary received in April in my income for FY 2023-24?
- Inventory of finished goods
- TDR receipts for agreement holder
- Applicability of Ind As to associate of associate
- Clarification on Documentation of Paid-Up Capital Contribution by Directors
- Disallowance of Section 43B(h) to sez units
- Confusion around Form 26QB fields
- GST REFUND ON EXPORT EXPENSES OF EXEMPTED GOODS
- GSTR9 and 9c
- Ineligible ITC taken
- Vivad se vishwas scheme 2024 new
- 115TD on cancellation of 12A 80G Registration
- MIS MATCH OF INVOICE NUMBER
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
- Query for dubts
Trending Online Classes
CAclubindia
