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

354 views 4 replies
User Avatar

owner
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?
0 Reply Share Follow
On 08 December 2017 at 11:19 Report
Replies (4)
User Avatar

"Do the Right Thing...!!!"
128152 Points Posted on 08 December 2017
Are you running any business...?
You would be asking under Business account...?
Reply
On 08 December 2017 at 13:36
User Avatar

CA Student
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.
Reply
On 08 December 2017 at 16:11
User Avatar

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)
Reply
On 08 December 2017 at 20:13
User Avatar

"Do the Right Thing...!!!"
128152 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...
Reply
On 08 December 2017 at 20:45

Join CAclubindia WhatsApp Finance Community & stay updated with the latest TAX news, compliance alerts and important updates all in one place!

Leave a Reply

Post Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Recent Topic

More recent discussions | Post

Related Topics
Loading

Latest Job Openings

View all
Company
ARTICLESHIP 29 June 2026
Article Assistant

Alvino Consultancy LLP

Mumbai

CA Inter

View Details
Company
09 June 2026
Accounts Associate

S Madan and CO

New Delhi

Graduate (Any)

View Details
Company
ARTICLESHIP 24 June 2026
ARTICLE ASSISTANT

BHUPINDER SHAH AND COMPANY

New Delhi

CA Inter

View Details
Company
22 June 2026
Finance Manager- Chartered Accountant

Triveni Turbine Limited

Bengaluru

CA

View Details
Company
22 June 2026
Accountant

Global Image Technologies Private Limited

New Delhi

MBA

View Details
Company
ARTICLESHIP 24 June 2026
CA Article Trainee

Rahul Dang & Associates

Pune

CA Inter

View Details
Company
12 June 2026
Accounts & Taxation Executive

Winshine Financial Services

Mumbai

CA Inter

View Details
Company
24 June 2026
Chartered Accountant - GST & Direct Tax

APL

Mumbai

CA

View Details