This discussion clarifies whether payments for LIC premiums and Provident Fund (PF) deductions made during the financial year 2019-20 should be deducted from a capital fund account through drawings. The consensus is that these investments are indeed to be deducted from the capital account.
18 July 2020
I have paid lic premium of Rs. 11993/- and PF deduction was made of Rs.18000/- during the F.Y. 2019-20. Are these investments and to be deducted from capital fund account through drawing?