I have paid personal school fees (tution fees) from personal accounts. How shall i classify it in tally?
Shall i show it expense?
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Tution fees paid
Replies (7)
Its a personal exp in nature and you cannot claim it as an expense however if the tuition fee is paid to a recognised institution you can claim it as deduction u/s 80c. In your income tax return.
Thank you sir for the reply.
I was asking about the treatment in the accoun books (tally). Shall i show it as an expense? or drawings?
as drawings
Yes drawings
Thank you.
Can you also tell me about advance tax and self assesment tax also?
Advance tax is to be shown under current assets. Or you can adjust the total taxes paid advance + tds + self assessment with your capital at the end of f.y.
You record this as drawing in capital account
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