Motor vehicle insurance

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how to treat motor vehicle insurance in accounts?
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Motor Vehicle expense is not defined under PGBP section from sec 31 to 36 but section 37 is a residual section and it says if any expense which has been incurred during the current F.Y and if it is not a personal and a capital expense and purely related to business only and not covered from section 31 to 36 of business and profession and business is in process then same can be claimed under section 37. Therefore in your case if vehicles are being used for the business purpose and insurance pertains to this year then you can claim this expense under Profit and Loss A/c.


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