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
- About TDS & Income Tax
- Scrutiny and reopening of past returns
- Section 194JA & JB Income which ITR Form to use
- Tax on Deemed Capital Gain
- PPF interest-As Exempt Income disclosure
- Pass word to open justification report for Q1 for FY 2026-27
- Regarding ITR filing with more value than showing in AIS/TIS
- Booth for sales promotion
- F & O PROFIT REPORTING FOR AY 2026-27
- Type of Capital Gain
- Indian IT Portal issue in computing tax as per UK-India DTAA
- Capital Gains on sale of residential flat
- Upload Level ValidationITR3Category of Defect B/D
- PF Taxable Income
- Clarification on Tax Audit Applicability and Reporting of F&O Transactions in ITR-3
- Interest credited in FY2025-2026 & TDS therein by EPFO does not reflect in AIS or Form 26AS
- 44ad eligble money lending interest
- Taxation in the hands of Landowner under JDA
- Delisted shares sold in off market/ Rebate u/s87A
- In Exports Sales HSN details where to fill
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
