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

Pranav (owner) (226 Points)

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?