Posting in tally for matured investements/ assets

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This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

16 June 2014 I have made an investment of Rs. 236,945/- on 06-Mar-04 in Jeevan bhima Nivesh and
this has been entered in Tally at that time as investment.
The policy has since matured and how do I go about in accounting the same in Tally.
For now I had posted it as "Receipt" and the entries are as under

Jeevan Bhima Nivesh = 236,945
Cash = Rs. 472,712
Jeevan Bhima Nivesh-Bonus/Interest accrued = 235,767/-
(I created this heading under income/ indirect)
Please let me know the correct heading this has to created in)

and in the drawings:
Drawings: Rs. 472,712
cash = Rs. 472,712/-
since I had completely withdrawn this.

now it reports this Rs. 235,767/- as profit from indirect income.

How do I correct/fix this...As you know the it is completely tax free.

I have similar investments like KVP which too has matured this year...

Rupesh Jain

Rupesh Jain (Expert)

16 June 2014 life insurance amount will be tax free

pls tfr the profit from policy in capital a/c

In case of KVP intt will be taxable every year. and on maturity year only balance intt will be taxable.

Querist : Anonymous

Querist : Anonymous (Querist)

16 June 2014 thanks a lot...
and in case of KVP principal + interest for the final year (yes every year the interest has been declared while filing IT) is to posted in tally, similar to Bhima Nivesh, withdrawl and transfer the interest to Capital account.. right?

Rupesh Jain

Rupesh Jain (Expert)

16 June 2014 bim nivesh tfr to capital a/c and intt income will offer for taxation and after that you can tfr to capital a/c.

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