Deduction

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AJIT SINGH (Querist)
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28 November 2014 Are Insurance expenses incurred by Director/proprietor to be booked in compny /firm financial statement s like in PnL

Rupesh Jain

Rupesh Jain (Expert)
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28 November 2014 no you can not book as exp. for director its part of his salary. and under prop. firm its part of his drawings.

AJIT SINGH

AJIT SINGH (Querist)
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28 November 2014 OK then what kind of those expenses which are showing in many of P&l accounts under the heads Insurance Exp.

Rupesh Jain

Rupesh Jain (Expert)
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29 November 2014 its like building, plant & Machinery, transit insurance, employee accidental insurance, vehicle insurance, stock insurance, cash theft open policy, stock inward/outwards open policy etc.

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