Section 36
This query is : Resolved
13 October 2008
Respected Sir,
Wheather Insurance Premium paid on car on 1-3-2008 of Rs.12000/- [for period 1-3-2008 to 28-2-2009] is allowed fully in the year of payment or proportianetly as a prepaid in the next year.
As per the Act it says it is allowed in the year payment.
Thanking You
Wheather Insurance Premium paid on car on 1-3-2008 of Rs.12000/- [for period 1-3-2008 to 28-2-2009] is allowed fully in the year of payment or proportianetly as a prepaid in the next year.
As per the Act it says it is allowed in the year payment.
Thanking You
13 October 2008
The insurance premium for the period of 1.03.2008 to 31.03.2008 (Rs. 1,000)is allowed as in A.Y. 2008-09 and remaining (Rs. 11,000) will bw allowed in A.Y. 2009-10
13 October 2008
13 October 2008
depends upon method of accounting
13 October 2008
depends on the method of accounting
14 October 2008
In my opinion, Rs 11000/- will be allowed in AY 2009-10. I think this is a case of section 31.
14 October 2008
Please refer to section 145.
15 October 2008
Method of accounting - Mercantile - Amount allowed as deduction - Rs1000
Method of accounting - Cash - Amount allowed as deduction - Rs12000
Method of accounting - Cash - Amount allowed as deduction - Rs12000
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