Accounting of payments under sec-80c to 80u for individual

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226 Points Posted on 08 December 2017

If we have made payments like Mediclaim and Tution Fees which are allowable as deduction under Sec-80D and Sec-80C of Income Tax Act, 1961, then where shall we show those amounts in our books of accounts being an INDIVIDUAL?

  • In Profit and Loss account as indirect expenses? or
  • In Capital Account?
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On 08 December 2017 at 11:19 Report
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"Do the Right Thing...!!!"
128162 Points Posted on 08 December 2017
Are you running any business...?
You would be asking under Business account...?
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On 08 December 2017 at 13:36
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338 Points Posted on 08 December 2017
Assuming that you make payment from your business bank account, This expenses is not related to your business, these are personal in nature and hence will be treated as drawing and your capital get decrease.
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On 08 December 2017 at 16:11
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owner
226 Points Posted on 08 December 2017
Yes, the main Income is under the head PGBP and payment is made from personal bank account (There is no separate bank account of the Business as it is a proprietory business)
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On 08 December 2017 at 20:13
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"Do the Right Thing...!!!"
128162 Points Posted on 08 December 2017
No more effects on PandL and BS... You just enter it capital Account... Also it's shown under Computation window at the time of ITR filing...
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On 08 December 2017 at 20:45

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