Section 36

This query is : Resolved

CA Vijay V Kodmur (Querist)
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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

CA Pawan Goswami

CA Pawan Goswami (Expert)
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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

CA Vijay V Kodmur (Querist)
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13 October 2008

CA. Gurdeep Singh Chawla

CA. Gurdeep Singh Chawla (Expert)
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13 October 2008 depends upon method of accounting

Bharath Kumar

Bharath Kumar (Expert)
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13 October 2008 depends on the method of accounting

CA. O.P. Agarwalla

CA. O.P. Agarwalla (Expert)
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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

S.Srinivasaraghavan (Expert)
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14 October 2008 Please refer to section 145.

CA Shailesh +91 9393926464

CA Shailesh +91 9393926464 (Expert)
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15 October 2008 Method of accounting - Mercantile - Amount allowed as deduction - Rs1000

Method of accounting - Cash - Amount allowed as deduction - Rs12000