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Motor vehicle accounting

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(Querist)
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 ?
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Amol S Joglekar

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Amol S Joglekar (Expert)
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.
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