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tax advixe

565 views 4 replies

sureshselva

dealer

24 Points Joined February 2010

Hi This is sureshselva , can motor insurance premium can be claim as deduction under income tax act .india.

if so under what head and noting need sir

thanking ypu

With regards

s.suresh selva

9994387193

Replies (4)

CA. Rajesh P. Ahir

In Service @ PSU

687 Points Joined January 2010

insurance premiup on vehical can be deducted only if it is used for business purpose. It is deducted u/s 35 in Profit and Loss Account. It is an Expense.

But if you are salaried person than it is not diductible

Amir

Learner

4016 Points Joined December 2009

Dear Sureshselva,

Friend Rajesh is rite, just want to add that it can also be claimed under Other sources u/s 57

SONUJRT

CA FINAL STUDENT

337 Points Joined August 2007

yaaaaaaaa... Mr. rajesh is correct...

                 sir i have a quiry that.

We are a travel agent for int & dom air tkt & packages and we are collecting ST As below

International Air tkt - 1.236 %
Domestic tkt     - 0.618 %
Transport (Car)       -4.12 %
Rail & Mis               -10.3 %
Package                 -2.58 %

Sir my doubt is that some times our agent(supplier) is not charging ST on Visa and packages and hotel that time what i have to do? either i have to charge or not and one more thing is that at time of payment on what rate we have to pay the Govt.

Kindly answer the above