Motor car insurance

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Querist : Anonymous

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Querist : Anonymous (Querist)
08 August 2011 AT THE TIME OF NEW CAR PURCHASE FIRST INSURANCE SHOULD BE CAPITALIZED OR BOOK IN EXPENSES . WHAT IS THE RIGHT WAY AS PER INCOME TAX RULES.

08 August 2011 FIRST INSURANCE WOULD BE CAPITALIZED AS PER INCOME TAX ACT

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Querist : Anonymous

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Querist : Anonymous (Querist)
08 August 2011 BUT SOME EXPERT VIEWS IS THAT WE CAN BOOK FIRST CAR INSURANCE PREMIUM AS AN EXPENSES.

08 August 2011 FIRST TIME INSURANCE SI PART OF TOTAL COST THEREFORE IT SHALL BE CAPITALISED

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Querist : Anonymous

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Querist : Anonymous (Querist)
08 August 2011 BUT SOME CITATION IS THERE THAT YOU CAN BOOK IT IN EXPENSES , PLEASE CLEAR THAT.

10 August 2011 as per AS-10 it first insurance premium can be capitalised. as per income tax also the same view


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