Fixed Assets--- doubt
This query is : Resolved
03 April 2009
hiii frnds..
i hv a doubt related to incidental exp which is as follows....
A car has been purchased in the name of XYZ Co... Whether incidental expenses such as Registration chrgs, road tax etc are to be CAPITALISED?????Whether depre should be provided??????
Awaiting ur reply
Thanks in anticipation
SANGITA
i hv a doubt related to incidental exp which is as follows....
A car has been purchased in the name of XYZ Co... Whether incidental expenses such as Registration chrgs, road tax etc are to be CAPITALISED?????Whether depre should be provided??????
Awaiting ur reply
Thanks in anticipation
SANGITA
03 April 2009
Road tax has to be capitalised because now it is life time tax. Registration charges has to be charged to profit and loss account.
Depreciation to be charged on road tax also.
Depreciation to be charged on road tax also.
03 April 2009
registration charges and road tax both need to be capitalised and than depreciation should be provided.
03 April 2009
As per section 3 of Delhi motor vehicle taxation Act 1962 every vehicle owner has to pay road tax at the time of registration of his vehicle. So it has to be capitalised for charging depreciation.
04 April 2009
RTO TAX & Registration charges is one time expenses so it should be capitalise & in case of Insurance it should debited to P & L A/c
Depreciation @ 15% to be provied
Depreciation @ 15% to be provied
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
- About TDS & Income Tax
- Section 194JA & JB Income which ITR Form to use
- Pass word to open justification report for Q1 for FY 2026-27
- PPF interest-As Exempt Income disclosure
- Under construction property in ITR
- Scrutiny and reopening of past returns
- Booth for sales promotion
- Upload Level ValidationITR3Category of Defect B/D
- Building tax payment deduction in rental Income
- F & O PROFIT REPORTING FOR AY 2026-27
- Difference in GSTR3B system generated which is correct and actual Payment it asks
- Indian IT Portal issue in computing tax as per UK-India DTAA
- Capital Gains on sale of residential flat
- PF Taxable Income
- Clarification on Tax Audit Applicability and Reporting of F&O Transactions in ITR-3
- Interest credited in FY2025-2026 & TDS therein by EPFO does not reflect in AIS or Form 26AS
- 44ad eligble money lending interest
- Taxation in the hands of Landowner under JDA
- Delisted shares sold in off market/ Rebate u/s87A
- In Exports Sales HSN details where to fill
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
