Hi All Respected Members,
please educate me if a partner of firm use his vehicle for attending business meetings and visits sites for checking working progress, if he claims car maintenance amount from firm, in which account will it be recorded?
Further, please also inform does this claim payment consider as car maintenance allowance to him and does it consider as part ofincome of partner ?
Thanks in advance for your precious time and efforts to reply this query
Menu
AA-44 Car Maintenance Claim Treatment
Replies (2)
Quick Summary
1. Yes, It can be account as Vehicle Maintenance. But, Check and Buffericate the usage of car for Business purpose and Self use...
2. No, It's not his income if it's used in business purpose.
2. No, It's not his income if it's used in business purpose.
Dear Raja PM Sir,
As always, Thanks a lot to informative reply.
As always, Thanks a lot to informative reply.
Recent Topics :
- Itr 4 problem
- Capital Gains Mismatch Due to Sale Agreement in FY
- REGARDING NRO INVESTMENT IN SHARES OF DOMESTIC COM
- DTAA benefits
- SUPPLEMENTARY AGREEMENT FOR ADDING A PARTER IN TN
- Part availmement of ITC in case of rejection of su
- Due date for itr 5 no audit with loss for fy 25 26
- Capital Gains Mismatch AIS
- Inward E-way bill from Tally Prime 7.1
- Query regarding exemption under Section 10(10AA) &
Related Topics :
CAclubindia
