DEAR FREINDS,
IN PVT LTD CO. WHEN MOTOR CAR IS USED BY THE COMPANY BUT ONE
INSURANCE CLAIM IS PENDING WITH INSURANCE CO. AMT OF CLAIM
IS DR. IN BOOKS OF COMPANY AND CAR IS USED BY THE COMPNAY &
FUEL EXP.IS REGULARLY BEING DR.IN COMPANY`S BOOKS BUT CAR IS
IN NAME OF A PERSON WHO HAS ALREADY RESIGNED FROM DIRECTORSHIP.
CLAIM IS RECEIVED IN NAME OF EX-DIRECTOR.
CAN THIS AMT BE RECEIVED FORM EX-DIRECTOR INTO COMPANY`S A/C.
SO PLS TELL WHETHER THERE IS ANY COMAPNY ACT BREACH INVOLVED????
OR INCOMETAX POINT OF VIEW ????
AND IF CAR IS IN NAME OF EX-DIRECTOR(ALREADY RESIGNED) AND CARS
ARE BEING USED BY ONE PVT LTD CO.AND FUEL AND OTHER EXP. BEING DR
TO CO`S A/C .PAYMENT FOR THE CAR MADE FORM THE COMPANY .
TELL WHETHER THERE IS ANY BREACH OF CO`S ACT OR THERE IS ANY
PROBLEM IN CLAIMING THS EXP. IN INCOME TAX.
PLS HELP.
THANKS.
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imp querry
Replies (1)
The ownership of the car is important. Just try to answer the question who is the owner of the car. Wheter in true sense the ownership is with company or ex.director and desided accordingly. The realisation of claims can be monitored accordingly. Mere accounting is not enough, the ownership is important.
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