Car insurance
This query is : Resolved
SUBHASH JAIN
(Querist)
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
CA PARAS BAFNA
(Expert)
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.
CA. Lohith Jagadeesh
(Expert)
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
SUBHASH JAIN
(Querist)
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.
CA. Lohith Jagadeesh
(Expert)
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
SUBHASH JAIN
(Querist)
13 August 2011
MY QUESTION IS ONLY THAT FOR THE FIRST YEAR INSURANCE PREMIUM SHOULD CAPITALIZED OR BOOK AS EXPENSES.
SUBHASH JAIN
(Querist)
14 August 2011
please brief me about wealth tax
CA PARAS BAFNA
(Expert)
14 August 2011
First year premium is to be shown as expense. It is not making addition to the value of the asset.
SUBHASH JAIN
(Querist)
15 August 2011
THANKS A LOT FOR YOUR VALUABLE SUPPORT
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