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Entry

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(Querist)
15 July 2010 can anybody give the entry of Interest on PPF & NSC and also give the head under which it will be shown?
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Sunil Kr. Sanganeria

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Sunil Kr. Sanganeria (Expert)
15 July 2010 Interest and PPF and NSC should be shown under the head the Interest. The entry for PPF should be:

PPF a/c DR
Interest on PPF Cr

Likewise interest of NSC can be done.

Interest on PPF is exempt from Income Tax while Interest on NSC is taxable under the head Income from Other Sources. However interest accrued for first five year can be claimed as deduction u/s 80C.
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CA. BIJENDER KR. BANSAL

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CA. BIJENDER KR. BANSAL (Expert)
15 July 2010 AGREED MR. SUNIL

YOU CAN USED ACCURED INTEREST ON PPF/NSC A/C INPLACE OF INTEREST ON PPF/NSC.

BECASUE, INTERST IS ACCURED BUT NOT RECD.
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