Car insurance
This query is : Resolved
11 August 2011
any citation is available for insurance premium on new car purchase is allowable exp. instead of capitalize.
I think some citation is available
I think some citation is available
11 August 2011
Insurance of Car if is pertains to 1 year period, it can be debited and claimed as an expense. Annual Insurance premium ca be debited on due basis.
11 August 2011
Hi,
From my Knowledge, i dont think there is a case which intends the same, however if there is any i would presume that its bad in LAW, as its against the principles of CAPITAL V/s REVENUE understanding....!!
Regards
CA. Lohith. J
B.Com,ACA,CS,(ICWA),SAPM Hons,ITF Hons
From my Knowledge, i dont think there is a case which intends the same, however if there is any i would presume that its bad in LAW, as its against the principles of CAPITAL V/s REVENUE understanding....!!
Regards
CA. Lohith. J
B.Com,ACA,CS,(ICWA),SAPM Hons,ITF Hons
12 August 2011
WHEN INSURANCE PREMIUM IS A RECURRING EXP. LIKE PETROL AND OTHER MAINTENANCE EXP. THE WHY SHOULD IT CAPITALIZED. FROM THE DATE OF CAR PURCHASE.
12 August 2011
Hi,
The view expressed does not pertain to Regular Insurance Premiums paid which can be claimed as regular expenditure, But i guess you should have worded ur question better.
You had asked for " Insurance Premium on new car purchase "
Regards
CA. Lohith. J
B.Com,ACA,CS,(ICWA),SAPM Hons,ITF Hons
The view expressed does not pertain to Regular Insurance Premiums paid which can be claimed as regular expenditure, But i guess you should have worded ur question better.
You had asked for " Insurance Premium on new car purchase "
Regards
CA. Lohith. J
B.Com,ACA,CS,(ICWA),SAPM Hons,ITF Hons
13 August 2011
MY QUESTION IS ONLY THAT FOR THE FIRST YEAR INSURANCE PREMIUM SHOULD CAPITALIZED OR BOOK AS EXPENSES.
14 August 2011
please brief me about wealth tax
14 August 2011
First year premium is to be shown as expense. It is not making addition to the value of the asset.
15 August 2011
THANKS A LOT FOR YOUR VALUABLE SUPPORT
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
- Difference between Date of Payment and Date of Deduction?
- TDS CREDIT MISMATCHING
- Buy back of shares u/s69
- Tax Audit Applicability – Newly Formed Partnership Firm with Profit Below 6%/8%
- Unregistered suppliers utility
- ADDITION OF CHALLAN IN TDS RETURN FORM 140
- TODAY INCOME TAX SITE IS NOT WORKING ANY OFFICIAL EXTENSION
- LIC maturity claim whether taxable
- URGENT-Eligible leaves being shown as 24 days for 3 years Articleship instead of 156 days in 108
- FCRA 6 E- Intimation
- EXPORT COMMERCIAL INVOICE HSN CODE
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
- 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
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
