As i am starting my business and using tally for Accounting. So, i want to know that under which head PPF A/c will be shown. And will the interest received be shown in indirect income or not?
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Ppf a/c head in tally
Replies (7)
Quick Summary
All PPF account related ledgers shown under Current Liabilities...
Yes... You are exactly correct. Interest Received will be under Indirect income..
Yes... You are exactly correct. Interest Received will be under Indirect income..
Ppf account show under investment head and interest is exempt from tax. your contribution is allow as deduction under section 80(C). and employer contribution is exempt subject to withdraw after 5 year.
@ Mr Hitesh.,
Read the query carefully...
Read the query carefully...
PUBLIC PROVIDEND FUND ( PPF ) shall come under investments. and interest income on PPF shall be recorded under capital account.
As per my understanding the query as Business account and the PPF question raised for paid to employees...
Better to get back details from Querist...
So, wait on further reply.
If query as per my view then my reply is correct...
Incase query raised individual account (as Querist own PPF) then it will be under Investments head...
Better to get back details from Querist...
So, wait on further reply.
If query as per my view then my reply is correct...
Incase query raised individual account (as Querist own PPF) then it will be under Investments head...
PPF is an Investment, and it should by classified under investment.Interest on PPF A/c is classified under Capital A/c and not under indirect income, as it is not your business income.
Sir but Savings account interest is shown under indirect income then why not ppf a/c interest in indirect income.
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