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Tution fees paid

Kushagra Modi (Student) (28 Points)

03 May 2019

I have paid personal school fees (tution fees) from personal accounts. How shall i classify it in tally?
Shall i show it expense?

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7 Replies

Manoj Raturi (student-CA FINALS) (190 Points)
Replied 03 May 2019

Its a personal exp in nature and you cannot claim it as an expense however if the tuition fee is paid to a recognised institution you can claim it as deduction u/s 80c. In your income tax return.

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Kushagra Modi (Student) (28 Points)
Replied 03 May 2019

Thank you sir for the reply.

I was asking about the treatment in the accoun books (tally). Shall i show it as an expense? or drawings?

Giridhar S Karandikar (Team Lead) (7543 Points)
Replied 03 May 2019

as drawings

Manoj Raturi (student-CA FINALS) (190 Points)
Replied 03 May 2019

Yes drawings

Kushagra Modi (Student) (28 Points)
Replied 03 May 2019

Thank you.

Can you also tell me about advance tax and self assesment tax also?

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Manoj Raturi (student-CA FINALS) (190 Points)
Replied 03 May 2019

Advance tax is to be shown under current assets. Or you can adjust the total taxes paid advance + tds + self assessment with your capital at the end of f.y.