PPF DEPOSIT

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This discussion clarifies the accounting entry for a Public Provident Fund (PPF) deposit made on April 1st, 2020. The entry should be recorded in the books for the financial year 2020-21. However, the tax deduction for this deposit can still be claimed for the financial year 2019-20 during your tax return filing.

01 April 2020 Sir, we have deposit Rs. 56000 in PPF account on 01.04.2020 please suggest how to make the entry in books of account. PETERING to FY 2019-20

01 April 2020 Entry of deposit has to be made in FY 2020-21 only but deduction can be claimed in FY 2019-20.

03 April 2020 you can claim in 19-20 during return filing exercise

03 April 2020 Yes entry to be made in FY 2020-21.
Deduction can be claimed in FY 2019-20


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