dep. on car, insurance etc.
This query is : Resolved
06 March 2009
a person has proprietory buisness & he purchases a car for his personal use then the dep. on car , insurance chgs,& other car expenses can be shown in his profit & loss account?
and in such a case car is damaged by an accident then where to show the amount recd. from the insurance co., & loss occured on car to that person?
and in such a case car is damaged by an accident then where to show the amount recd. from the insurance co., & loss occured on car to that person?
06 March 2009
Dear Chetan,
If he has taken Car for personal use then nothing can be taken to p&L A/c.
If loss is their from accident, then you have to ignore it.
If he has taken Car for personal use then nothing can be taken to p&L A/c.
If loss is their from accident, then you have to ignore it.
06 March 2009
For claiming Car Expences, Proprietor has to show that Car is used by him for Business Activies
Secondly when he claim Exps. in Business then he has to show the car in bal/sheet & therefor damage recd. should be netoff and profit or loss should be adjusted accordingly in business
Secondly when he claim Exps. in Business then he has to show the car in bal/sheet & therefor damage recd. should be netoff and profit or loss should be adjusted accordingly in business
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- TDS CREDIT MISMATCHING
- Buy back of shares u/s69
- Difference between Date of Payment and Date of Deduction?
- Tax Audit Applicability – Newly Formed Partnership Firm with Profit Below 6%/8%
- Journal entry of busniess expenses
- GST Rate for Catering Services
- TODAY INCOME TAX SITE IS NOT WORKING ANY OFFICIAL EXTENSION
- Cash balance limit and property purchases limit
- Can we choose not to report losses in ITR3 if they cannot be carried forward?
- ADDITION OF CHALLAN IN TDS RETURN FORM 140
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
- LLP audit under companies act
- Experienced CA recommendation from Kolkata for FNO return filing
- Interest Reporting in Form 168
- Sales of goods of amount Rs77 lakhs to a party
- Tax Demand of ₹4,650 for AY 2026-27
- Concept of Vendor and customner reconciliation
- Mistake in e-invoice identified after 24 hours
- EXPORT PAYMENT
- NRI ITR2 account in 2025-26.
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
