income tax
This query is : Resolved
ankit jain
(Querist)
19 March 2010
ABC pvt ltd has a car which had accident and company paid 75000rs in cash for its reapirs to the hyundai company and got rs 55000 from insurance company what would be its treatment in income tax ? what would be treatment of both the amount ?
19 March 2010
My friend there is no impact in Income tax as the car is still there and not sold or destroyed... Just accounting entries to pass in books of accounts.
ankit jain
(Querist)
19 March 2010
arey yaar what will happen to the amount paid by insurance company and the difference of the both amount
19 March 2010
Its an loss yaar and directly deboited to profit and loss account is allowed in IT...
Murtaza I Bhagat
(Expert)
19 March 2010
dear,
there is not income tax here,
you just have to booked rs.20,000/- in P&L as loss (car accident)of ABC Pvt.ltd.
there is not income tax here,
you just have to booked rs.20,000/- in P&L as loss (car accident)of ABC Pvt.ltd.
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