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if there is PPF (SAVINGS ) GIVEN IN THE TRIAL BALANCE UNDER
THE HEADING CAPITAL THEN WHERE WILL ITS EFFECT BE ??
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Answer Posted / h.r. sreepada bhagi
Do you mean Public Provident Fund (PPF)?. If yes, it's a
personal investment be a person and it should not appear in
the books of a business entity.
It can be shown only as a saving under Sec 80 C of Indian
Income Tax Act, while filing the Income Tax Returns of the
concerned individual to the extent of Rs. 70000/- p.a. as of
now. The limit may be changed with notification by the
Central Government.
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