When a car is given as a perquisite to an employee, should we recognize car as an asset in the books of the company?
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Perquisite
Replies (4)
Refer the 'definition of fixed asset'. If it satisifies the conditions then 'yes'. Merely having legal ownership cannot be equated with holding of fixed asset.
Dear Member,
You can recognize car as an asset in your books of accounts.
Dear Member,
You can recognize car as an asset in your books of accounts.
Car has been given for commuting purpose......then? And should we deduct tax from that?
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