Section 36
This query is : Resolved
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
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
13 October 2008
13 October 2008
depends upon method of accounting
13 October 2008
depends on the method of accounting
14 October 2008
In my opinion, Rs 11000/- will be allowed in AY 2009-10. I think this is a case of section 31.
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
- About TDS & Income Tax
- Pass word to open justification report for Q1 for FY 2026-27
- Section 194JA & JB Income which ITR Form to use
- PPF interest-As Exempt Income disclosure
- Scrutiny and reopening of past returns
- F & O PROFIT REPORTING FOR AY 2026-27
- Booth for sales promotion
- Type of Capital Gain
- VALUATION OF PRIVATE LIMITED COMPANY SHARES
- Average Cost Of High Quality Diamonds
- TDS on Rent received on redevelopment of building
- Tax on Deemed Capital Gain
- Indian IT Portal issue in computing tax as per UK-India DTAA
- Capital Gains on sale of residential flat
- Upload Level ValidationITR3Category of Defect B/D
- PF Taxable Income
- Clarification on Tax Audit Applicability and Reporting of F&O Transactions in ITR-3
- Interest credited in FY2025-2026 & TDS therein by EPFO does not reflect in AIS or Form 26AS
- 44ad eligble money lending interest
- Taxation in the hands of Landowner under JDA
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
