Urgent lic amount in itr
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
10 August 2011
hi where i can put lic investment amount in itr-4(balance Sheet) for propitiatory return.
praveen sisodia
(Expert)
10 August 2011
LIC Premium amount of propritor in a business is not a investment for a business because as per Seperate Entity concept in Accounting both business and propritor are seperate entity. LIc amount is shown as drawing as deducted from capital in liabilty side and on the Asset side it is deducted from Cash/bank.
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