Treatment of Insurance in proprietory business
This query is : Resolved
25 March 2011
Dear Friends,
Should Medical/Life/Other Insurance be deducted from capital a/c or Should it be shown in P&L a/c in case of Proprietorship business? What are the tax implications?
Your Contribution will be appreciated.
Should Medical/Life/Other Insurance be deducted from capital a/c or Should it be shown in P&L a/c in case of Proprietorship business? What are the tax implications?
Your Contribution will be appreciated.
25 March 2011
Generally taken to Capital Account,except for professional indemnity insurances and employee insurance ,,,insurance related to business
Message likes :
1 times
26 March 2011
for life insurance & mediclaim you have to debit the capital a/c as withdrawl bcz it not a expense
but other ins. like machinery,shop,vehicle etc. you have take in P&L as expense.
but other ins. like machinery,shop,vehicle etc. you have take in P&L as expense.
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
- Reopen of assessment proceeding
- Depreciation of fixed assets- coop housing society in mumbai
- TDS on Consultancy- Non DTAA
- Management System (IMS)
- EPF FULL & FINAL RULES IN 2026
- EXPORT BILL UNDER LUT FREIGHT CHARGE INCLUED IN INVOICE IT LIABLE TO TAX
- FTS Taxable under 115A
- COMMERCIAL INVOICE FOR MATERIAL AND FREIGHT
- Tax Audit u/s 44AB for Transport Business A proprietorship is engaged in transportation business and
- Gift Received from nonblood relative
- 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
- STATUTORY AUDIT OF A SMALL PRIVATE COMPANY INCORPORATED ON 28.03.2025
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
- Resigning a auditor from the company for misconduct
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
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
