Motor vehicle accounting
This query is : Resolved
01 December 2014
Our company is pvt. ltd. company. we have purchased a car - payment done from company's bank account. but the car is registered in the name of Director. I wanted know can we show this car in the company's fixed asset. If yes why & if no why not? Also the car is used for company purpose only. so the expenses of car - insurance, petrol & diesel etc. can we claim in the company's books or not ?
01 December 2014
It is judgemental call.
If the arrangement is done to save on RTO taxes, such practice should be avoided.
If it done through oversight, ask the company to repair the same.....claiming depreciation at the cost of evading/SAVING(?) RTO taxes is NOT justified.
If the arrangement is done to save on RTO taxes, such practice should be avoided.
If it done through oversight, ask the company to repair the same.....claiming depreciation at the cost of evading/SAVING(?) RTO taxes is NOT justified.
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
- ITR 2 Short Term gain & Long term gain
- Reporting Income under Section 44ADA
- Off Market debit and credit transaction
- Itr 1 processing
- Showing Gift from relative in ITR for this year
- ITR returnFY25-26
- Form 10E u/s 89(1). Need clarification because experts opinions differ !!!!
- Share accounting-->fifo - capital gain - period as per fifo?
- ITR selection for salaries and capital gain less than L
- INCOME TAX ON REDEVELOPEMENT OF FLAT
- Gst invoice numbering and delivery challan numbering
- Sales amount in Gstr1
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
