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
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Replies (4)
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
Dear Sureshselva,
Friend Rajesh is rite, just want to add that it can also be claimed under Other sources u/s 57
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 %
Kindly answer the above
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