General insurance premium
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
04 February 2013
im filing individual return my client paying general insurance premium for its vehicle wnt to know if it is alowed as deduction as business expenditure or not..
Dintakurthi Tirumala
(Expert)
04 February 2013
If such vehicle uses for the purpose of business only then allowable as deduction. Otherwise i.e uses for personal use only then not allowable. In case partly using for business and partly using for personal then proportinate of business use of expenses is allowable.
OM SAI SRI SAI JAI JAI SAI
OM SAI SRI SAI JAI JAI SAI
CA Prashant Gupta
(Expert)
04 February 2013
if client has business, then he can claim, but your books must shows that it is for offical use. you can maitain log book for that.
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