accounting entries
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
30 June 2010
if an employee is given a car by the company which has been bought in the name of the employee but the EMI for the same is paid by the company then can the car be treated as a company asset.
Pl advise how this transaction should be accounted in the company books and the income tax implication for the individual and company
Pl advise how this transaction should be accounted in the company books and the income tax implication for the individual and company
30 June 2010
Since the Car registration in the name of the employee, you cannot take it as asset, you need to add & debit to the employee perqusites and taxed accordingly,
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01 July 2010
Agreed with Mr. Ramesh, Company can't book car in its books. Payment of EMI per month will be treated as perquisites given to employee and taxable in hands of employee
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Querist : Anonymous
Querist :
Anonymous
(Querist)
01 July 2010
Thank you for your prompt response.Can you advise what procedure the company should follow so that the employee could avail the max tax benefit with respect to the car?
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