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
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