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
- GSTR-1A How to update Invoice
- Excess salary payment.
- Stamp Paper for partnership firm change new income tax 2025
- Current Account Opening for Sole Proprietorship with Udyam Certificate - Zero Turnover
- TDS on Purchase of Immovable Property by NRI from NRI
- Capital gain from sale of house property
- INTEREST APPLICABLE ON ITC REVERSAL PORTION
- Value of property in capital gain
- When TDS on GST applied
- Before GSTAT- APL-02 Vs APL-04
- 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
