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Annuity Policy
Currently, there are no specific unique fields for entering Annuity policies. These policies are different from normal life insurance policies. They have different features to be entered in fields that are unique to them. In Insurance, there should be a different category - Annuity Policies which when selected should give suitable fields for entering such policies.
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Dear Kamlesh Vikamsey,
Currently we do not have such feature. You can enter it under Insurance policies and payment received as part of annuity can be entered as other income. -
I suggest this feature may be included in MProfit since pension and annuity are becoming very popular.Comment
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I agree with the user. In fact there is a confusion also in my mind as what is the difference between Bonus Payout and withdrawal and other income. I have Jeevan Sarita, where 50000 was paid to me on my survival and balance 1 lac I get 1000 per month till I survive. I accounted this as Bonus Payout but now I think I should have accounted as withdrawal, while I use other income to record 1000 p.m. annuity. Please advice if I am correct on treating 50000 survival benefit as Bonus Payout ? or should I have recorded it as Withdrawal ?Comment
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Dear Nikhil,
50,000 can be shown as Withdrawal and Rs.1000 as other income.MProfit SupportComment
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In case 50,000 is entered as withdrawal then in accounts module, the effect is shown directly as reduction of LIC policy amount with corresponding entry to bank, which is correct, but for tax purposes, this may be needed to show as income under section 80(D), then how do we show the same ?Comment
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Dear Nikhil,
You may have to give this information to your CA that this should be treated as Payback from Insurance Policy and not to be treated as taxable income.MProfit SupportComment
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