Ppf
This query is : Resolved
08 October 2014
RESPECTED EXPERTS...I WANT TO KNOW THE TREATMENT OF FOLLOWING MATTER-
suppose i am taking deduction u/s 80c for PPF ..SO HOW I WILL SHOW THIS IN MY BALANCE SHEET.
EITHER IT IS TO BE SHOWN AS PPF A/C under current account.
suppose i am taking deduction u/s 80c for PPF ..SO HOW I WILL SHOW THIS IN MY BALANCE SHEET.
EITHER IT IS TO BE SHOWN AS PPF A/C under current account.
09 October 2014
current year's contribution in PPF should be shown as drawings from capital a/c and on the assets side PPF should be shown as old balance + current year's contribution+interest if any.
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09 October 2014
AND THE CURRENT YEAR CONTRIBUTION WILL BE ALLOWED FOR DEDUCTION U/S 80 C
09 October 2014
Absolutely it will allow for deduction u/s 80C
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