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Querist : Anonymous

Querist : Anonymous (Querist)

25 July 2013 HELLO FRNDS...

NSC,PPF,5 YEAR TERM DEPOSITES ALL THESE ARE ELIGIBLE FOR DEDUCTION FROM G.T.I. AND ARE SHOWN AS INVESTMENT IN BAL.SHEET,SIMILARLY INSURANCE PREMIUMS ARE ALSO DEDUCTIBLE.THEN WHY CANT WE SHOW INSURANCE PREMIUM PAID IN ASSET SIDE? IT SHOULD ALSO BE SHOWN UNDER INVESTMENT HEAD IN B/S.

KINDLY RPLY SOON FRNDS

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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25 July 2013 No body will stop you if it is desired to do so.
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For "Why" - take into consideration my "Reply"
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Insurance premium is not an investment. It is a cost for purchasing an insurance policy, and the premium paid is just like "rental charges" of "insurance cover". When you pay Rental Charges for a "Shade or House " it is expensed out. Likewise insurance premium is treated in such a manner.
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Querist : Anonymous

Querist : Anonymous (Querist)

25 July 2013 thanx a lot sir...

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