ALOK RATNA (CHIEF CONSULTANT) (190 Points)
09 June 2011An assessee is having ppf investment of rs. 70000 and ELSI for Rs. 50 k per annum. Both of these qualify for sec 80 c deduction upto Rs. 1 lakh but whether they can be shown on asset side of balance sheet also or only in computation of tax statement....
rachit jain
(chartered accountant )
(635 Points)
Replied 09 June 2011
i dont think these investment can be shown in b/s as these are of the nature of personal investment not related to the business of individual.
just wait for the view of experts....
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