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Ppf

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(Querist)
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.
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CS Advocate Abhishek Goyal

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CS Advocate Abhishek Goyal (Expert)
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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DHIREN

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DHIREN (Querist)
09 October 2014 AND THE CURRENT YEAR CONTRIBUTION WILL BE ALLOWED FOR DEDUCTION U/S 80 C
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CS Advocate Abhishek Goyal

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CS Advocate Abhishek Goyal (Expert)
09 October 2014 Absolutely it will allow for deduction u/s 80C
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