Insurance on car

This query is : Resolved

MALAY DAS (Querist)
Follow

27 January 2013 dear expart
If is car is used for the business is there
any claim of insurance of car as business expenses? advive me thanks.....

HUZAIFA HUSSAIN

HUZAIFA HUSSAIN (Expert)
Follow

27 January 2013 if car is used for business purpose than any expenditure relating to such car can be claimed as business expenses.

MALAY DAS

MALAY DAS (Querist)
Follow

27 January 2013 dear expart
thanks... but in case of new car, insurance
of car for the first time should be capitalized and renewel insurance treated
as revenue expenditure and debited to p/l a/c am i right or wrong? please advice me
thanks.....

HUZAIFA HUSSAIN

HUZAIFA HUSSAIN (Expert)
Follow

28 January 2013 even the initial insurance can be debited to p & l account since its validity is only for one year.

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Join CAclubindia WhatsApp Finance Community & stay updated with the latest TAX news, compliance alerts and important updates all in one place!

Similar Resolved Queries

Unanswered Queries

Popular
Recent

Trending Online Classes

Direct Tax Laws & International Taxation May 26,Sept 26 & Jan 27

CA Arvind Tuli

Enroll Now
Audit Fast Track Recorded Batch For May 26,Sept 26 & Jan 27

CA Aarti Lahoti

Enroll Now
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English

CA Bhanwar Borana & CA Shubham Keswani

Enroll Now

view all classess

Meet our CAclubindia PRO Members

Nikhil Vyas

tpksathyan narayanan

Vishnu Agarwal

hitesh chandwani

CA Sunny Sharma

Subscribe Now

Insurance on car

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

U.S. Financial Reporting & Consolidation Manager

Account Assistant / Article Clerk

Senior Accountant cum purchase Manager

MIS Executive

ICSI Trainees for 21 Months and Semi-Qualified CS

Audit executive

Sr. Financial Analyst - Consolidation

Lead Conversion Executive / Sales Closing Executive