Income Tax
This query is : Resolved
06 July 2011
Whether Insurance premium paid for car at the time of its purchase is to be Capitalised or it is to be charged as revenue expenditure and written off in P&L A/c ? Please reply immediately as per AS-10.
17 July 2011
yes. insurance premium paid on purchase time need to be capitalised as per AS-10
17 July 2011
Further renewal premium can be debited in P&L account
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
- REGARDING SECTION 43B 1 H
- Flat purchase in name of myself,my wife and son
- Tax on Goodwill on LLP
- Procedure to surrender export incentive
- Capital Gain Tax & Exemption us 54
- Reverse charge on commercial property
- Registration of Articleship
- Old car transaction
- Slight spelling change in PAN Surname
- Capital gains -1
- HRA Exemption taken in income tax return
- Drafting Grounds of Appeal under Service Tax
- TDS on Crypto section 194S
- GST Practitioner Details
- MSME Reporting in 3CB-CD
- SECTION 50AA SHORT TERM CAPITAL GAIN IN CASE OF MLD
- GSTR 3B and GST Challan payment
- How to surrender Duty Drawback
- ITC Reversal & re-claim statement [FY 2023-24]
- Regarding required stamp
Trending Online Classes
-
GST LIVE Certification Course - 42nd Weekend Batch(With Govt Certificate)
Industry Expert17 May 2025
CAclubindia
