80c investments
Querist : Anonymous
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
.
For "Why" - take into consideration my "Reply"
-
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.
.
Querist : Anonymous
Click here to login now
Similar Resolved Queries
- CLOSING STOCK QUERY
- Gst on travel by air for business purposes
- ITR-Capital Gain
- Taxation on Old jewellery sold
- Reporting in TDS return
- ITR 44AD SECTION
- Applicability of Books of Account for Commission Income (Sections 194D & 194H)
- Can a single LLP in India legally operate multiple unrelated businesses (Travel, Cloud Kitchen, Ecom
- Residential status of non resident
- GST ISD Query on various AMCs
- TDS refund Indemnity Bond
- ITC BENEFIT ON BROKRAGE PAID
- PF wage ceiling
- Concept of Vendor and customner reconciliation
- Mistake in e-invoice identified after 24 hours
- EXPORT PAYMENT
- NRI ITR2 account in 2025-26.
- Query regarding reporting of exempt foreign remuneration in ITR (AY 2026-27)
- FEMA/RBI treatment — Amazon.ca arbitrage (US buy, Canada sell, goods never enter India)
- Goods return by customer
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
