General ins claim recd
This query is : Resolved
21 September 2012
What is the tax treatment of general insurance claim recd. due to loss of STOCK from fire. This claim is credited in P & L a/c. Is this taxable?
Will the answer differ if it is claim for VEHICLE recd. (due to road accident) ?
Will the answer differ if it is claim for VEHICLE recd. (due to road accident) ?
21 September 2012
Claims related to REVENUE items (Stock in above case) shall be routed through P&L account. Vehicle, assuming to be a balance sheet item, treatment will be on the principles of "block of ASSETS"
21 September 2012
Yes, itz routed thro' P & L a/c only. I'm asking about the taxability for income tax part. I need a more clear answer.
21 September 2012
Or, reference to any section or website or link is also welcome.
21 September 2012
IT is taxable. (in most of the cases there is hardly any PROFIT element in the CLAIM)
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
- Post Office RD Interest
- Eway bill for machinery reparing
- Building and other construction workers welfare cess act 1996
- Applicable TDS for Purchase of Flat from NRI
- ITR validation error - Balance sheet is not filled
- Bank Accounts in Balance Sheet for ITR 3
- ITR 3 FILING OF AN INDIVIDUAL (PARTNER IN A PARTNERSHIP fIRM)
- Annual return of gst limit
- Form 10BD Filling
- TDS ON CASH WITHDRAWALS...
- Delisted shares sold in off market/ Rebate u/s87A
- In Exports Sales HSN details where to fill
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- Difference in tax comparison report
- Gst invoice numbering and delivery challan numbering
- Sales amount in Gstr1
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
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
