If a company pays the Car maintenance expenses of its directors (director is owner of car) then which entry should be made?
is it legal ?
Menu
Car Maintenance Charges
Replies (2)
Yes it is allowed. But for formality purpose it must be passed in board meeting. Dr. Car Expenses Cr. Party/ Cash
Yes the company can pay the car maintenance exp. of the directors but it should be approved in the board meetings.However for the purpose of IT matter it should be taxable in the hands of the company as fbt.
Recent Topic
- Provident fund taxation
- ITR3 AY 26-27 Error in filling status
- Queries on TDS as per IT
- Capital Gains set off on Sale of Land if held for
- ITR Form for income from freelance consultancy
- Gst rate for HSN code 28530010
- Health Insurance
- India GST Mobile App
- Reporting STCG on non equity oriented MF
- Section 54F exemption for buying a plot
Related Topics
CAclubindia
