companies act
This query is : Resolved
03 December 2009
If a company purchase car in the name of the director then how it is treated as as per companies act 1956.
03 December 2009
Hi Swati,
Purchase of car in the name of director is not a good idea. If payment is made by the company then ROC may treat this transaction as loan to director u/s 295.
Views of other experts solicited.
Regards
Purchase of car in the name of director is not a good idea. If payment is made by the company then ROC may treat this transaction as loan to director u/s 295.
Views of other experts solicited.
Regards
03 December 2009
Mr.Ankur is correct. if any payment made by company in the name directors, that will be treated to loans to director under Loans and Advances head. Otherwise company can buy a car in the name company then company can eligible to claim depreciation. So, any fixed asset in the name of company is suggestable.
03 December 2009
agree
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.
- INTEREST APPLICABLE ON ITC REVERSAL PORTION
- Capital gain from sale of house property
- Current Account Opening for Sole Proprietorship with Udyam Certificate - Zero Turnover
- Stamp Paper for partnership firm change new income tax 2025
- TDS on Purchase of Immovable Property by NRI from NRI
- Copyright software
- SFT Cash Deposit in Current Account
- Regarding TDS Applicability For Director Remuneration
- GST Treatment of Insurance Commission for Existing GST Holder
- 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
- Address Change to another state of a Registered Trust with 12AB approval
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
