Considering value of new car purchased ?
This query is : Resolved
27 November 2017
Sir,
Recently a new car purchased by the company and payments made for the following aspects as per invoices raised
But, what should be the value of the car to be considered in books
1) Purchase cost
2) Insurance Charges
3) Registration Charges
4) Insurance Charges
5) Hypothecation charges, Processing Fees
6) Front & Back Sensors
7) TCS amount
I am aware that only amounts for car is to be considered in books (including initial insurance charges)
but have doubts on Hypothecation charges, payment for Front & Back sensors and TCS being our reimbursement
Plz help and also inform the amounts being admissible to be taken as value of assets (car in my case) for taxation & depreciation purpose.
Thanks in Advance
Regards
Tribhuvan
Sir,
Recently a new car purchased by the company and payments made for the following aspects as per invoices raised
But, what should be the value of the car to be considered in books
1) Purchase cost
2) Insurance Charges
3) Registration Charges
4) Insurance Charges
5) Hypothecation charges, Processing Fees
6) Front & Back Sensors
7) TCS amount
I am aware that only amounts for car is to be considered in books (including initial insurance charges)
but have doubts on Hypothecation charges, payment for Front & Back sensors and TCS being our reimbursement
Plz help and also inform the amounts being admissible to be taken as value of assets (car in my case) for taxation & depreciation purpose.
Thanks in Advance
Regards
Tribhuvan
27 November 2017
Items 1 to 3 can be capitalised for taxation and depreciation purposes.
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