Buying a new vehicle
This query is : Resolved
27 January 2011
Sir, I am manager-finance.
We intend to purchase a Toyoto Fortuner to a value of Rs.26lacs.
My query is to buy the vehicle in cos. name or in individual name. If bought in individual's (MD's) name and lease it to co. will the lease paid to him can be treated as expenses in cos. a/c
Awaiting for your response to take a decision accordingly today.
We intend to purchase a Toyoto Fortuner to a value of Rs.26lacs.
My query is to buy the vehicle in cos. name or in individual name. If bought in individual's (MD's) name and lease it to co. will the lease paid to him can be treated as expenses in cos. a/c
Awaiting for your response to take a decision accordingly today.
27 January 2011
Yes, The expenses paid by a company for hiring a vechicle is an allowable expenditure.
Please make an agreemant and deduct Tax on the payment u/s 194C of the Income Tax Act.
Please make an agreemant and deduct Tax on the payment u/s 194C of the Income Tax Act.
Guest
Guest
(Expert)
27 January 2011
But on the same time, lease rent will be the income of MD.
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
- GSTR-1A How to update Invoice
- Excess salary payment.
- Capital gain from sale of house property
- Stamp Paper for partnership firm change new income tax 2025
- TDS on Purchase of Immovable Property by NRI from NRI
- INTEREST APPLICABLE ON ITC REVERSAL PORTION
- Current Account Opening for Sole Proprietorship with Udyam Certificate - Zero Turnover
- Regarding TDS Applicability For Director Remuneration
- Annual return in Gst
- Value of property in capital gain
- TDS APPLICABILITY......
- Copyright software
- Cash gift by grand mother to her grand daughter
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
- Regarding change in correspondence address in SSP portal
- No Compliences after incorporation
- USEFUL LIFE OF USED/SECOND HAND COMMERCIAL VEHICLES
- Claiming TDS deducted by builder on Hardship compensation and Corpus
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
