car loan principal
This query is : Resolved
01 October 2015
how to treat car loan principal Amt and interest in p/l A/c
car is both purpose personal & business
car is both purpose personal & business
01 October 2015
If car is shown as an 'asset' in the business accounts, loan ,depreciation and interest also should be shown in the same accounts. Then, for income tax computation of the business ,disallow a certain portion of the depreciation and interest being car is used for personal use.
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