19 September 2013
Sir, I have purchased a new car for my business in september 2013. I have paid car company as per their invoice value. The Road tax, Municipal tax (both life time) & insurance separately.
My query is whether i can debit the amount of Road tax, Municipal tax to my P & L a/c or includes the same in Total car value & claim depreciation @ 15% on that. Please advise looking to current I.Tax law & rules.
CAclubindia
