Entry
This query is : Resolved
15 July 2010
can anybody give the entry of Interest on PPF & NSC and also give the head under which it will be shown?
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.
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.
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.
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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