Section 36
This query is : Resolved
CA Vijay V Kodmur
(Querist)
13 October 2008
Respected Sir,
Wheather Insurance Premium paid on car on 1-3-2008 of Rs.12000/- [for period 1-3-2008 to 28-2-2009] is allowed fully in the year of payment or proportianetly as a prepaid in the next year.
As per the Act it says it is allowed in the year payment.
Thanking You
Wheather Insurance Premium paid on car on 1-3-2008 of Rs.12000/- [for period 1-3-2008 to 28-2-2009] is allowed fully in the year of payment or proportianetly as a prepaid in the next year.
As per the Act it says it is allowed in the year payment.
Thanking You
CA Pawan Goswami
(Expert)
13 October 2008
The insurance premium for the period of 1.03.2008 to 31.03.2008 (Rs. 1,000)is allowed as in A.Y. 2008-09 and remaining (Rs. 11,000) will bw allowed in A.Y. 2009-10
CA Vijay V Kodmur
(Querist)
13 October 2008
13 October 2008
depends upon method of accounting
Bharath Kumar
(Expert)
13 October 2008
depends on the method of accounting
CA. O.P. Agarwalla
(Expert)
14 October 2008
In my opinion, Rs 11000/- will be allowed in AY 2009-10. I think this is a case of section 31.
S.Srinivasaraghavan
(Expert)
14 October 2008
Please refer to section 145.
15 October 2008
Method of accounting - Mercantile - Amount allowed as deduction - Rs1000
Method of accounting - Cash - Amount allowed as deduction - Rs12000
Method of accounting - Cash - Amount allowed as deduction - Rs12000
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
- Depreciation Chart Companies Act
- GST Audit whether Govt Companies are exempt?
- PTRC Show Cause Notice on Email
- Unable to File TDS Q2 Return – New TRACES Portal Error
- Capital Gail Exemption Certificate
- Taxation of crypto futures in India Fy 2026- 2027
- MSME disclosure and disallowance
- EPF ECR NEW RULES Sep 17th 2026
- Transfer of Physical Stock Between Two Proprietorship Concerns
- Not ordinarily resident having partnership income in India and salary in USA is any form to filed be
- Accounting treatment of AMC alongwith the purchase of Laptop
- GST Treatment of Purchases with GST Paid where Outward Supplies of Manufactured CattleFeed Exempt
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
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
