Accounting of payments under sec-80c to 80u for individual

374 views
User Avatar

owner
226 Points Posted on 08 December 2017

If we have made payments like Mediclaim and Tution Fees which are allowable as deduction under Sec-80D and Sec-80C of Income Tax Act, 1961, then where shall we show those amounts in our books of accounts being an INDIVIDUAL?

  • In Profit and Loss account as indirect expenses? or
  • In Capital Account?
0 Reply Share Follow
On 08 December 2017 at 11:19 Report
Replies (4)
User Avatar

"Do the Right Thing...!!!"
128162 Points Posted on 08 December 2017
Are you running any business...?
You would be asking under Business account...?
Reply
On 08 December 2017 at 13:36
User Avatar

CA Student
338 Points Posted on 08 December 2017
Assuming that you make payment from your business bank account, This expenses is not related to your business, these are personal in nature and hence will be treated as drawing and your capital get decrease.
Reply
On 08 December 2017 at 16:11
User Avatar

owner
226 Points Posted on 08 December 2017
Yes, the main Income is under the head PGBP and payment is made from personal bank account (There is no separate bank account of the Business as it is a proprietory business)
Reply
On 08 December 2017 at 20:13
User Avatar

"Do the Right Thing...!!!"
128162 Points Posted on 08 December 2017
No more effects on PandL and BS... You just enter it capital Account... Also it's shown under Computation window at the time of ITR filing...
Reply
On 08 December 2017 at 20:45

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Recent Topics :

  1. Paper 6 - IBS
  2. Chhath Puja 2026 Dates Timing Tithi
  3. Tax Benefit on Second Property
  4. IPO application checklist: 18 rules that decide wh
  5. NSE IPO Price, GMP, Allotment Date and Listing
  6. Gst tax rate
  7. Cash deposited by customer
  8. CAPITAL GAIN REG
  9. Built a simple tool to automate client document fo
  10. Capital Gain on Sale of SRA Allotted Flat Received

More recent discussions | Post

Related Topics :

Loading

Latest Job Openings

View all
Company
14 August 2026
Semi Qualified

Goyanka & Associates

New Delhi

CA Inter

View Details
Company
ARTICLESHIP 24 August 2026
Article Assistant

M/s.S.G.Salecha & Co.

Mumbai

CA Inter

View Details
Company
14 August 2026
Article Assistant CA Articleship

Eshwar & Co Chartered Accountants - Nungambakkam

Chennai

CA Inter

View Details
Company
25 August 2026
Senior Accountant

MG Associates

New Delhi

CA Inter

View Details
Company
28 August 2026
Assistant Manager

NRS AND ASSOCIATES

Kozhikode

CA Inter

View Details
Company
17 August 2026
Chartered Accountant with US GAAP Experience

Austin Med Solutions Pvt Ltd

Bengaluru

CA

View Details
Company
12 August 2026
Deputy Manager - Finance

RoamPrime Technologies Private Limited

Bengaluru

CA

View Details
Company
21 August 2026
Accountant

A G International

Kolkata

B.Com

View Details