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income tax

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(Querist)
19 March 2010 ABC pvt ltd has a car which had accident and company paid 75000rs in cash for its reapirs to the hyundai company and got rs 55000 from insurance company what would be its treatment in income tax ? what would be treatment of both the amount ?
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CA Shiv

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CA Shiv (Expert)
19 March 2010 My friend there is no impact in Income tax as the car is still there and not sold or destroyed... Just accounting entries to pass in books of accounts.
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ankit jain

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ankit jain (Querist)
19 March 2010 arey yaar what will happen to the amount paid by insurance company and the difference of the both amount
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CA Shiv

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CA Shiv (Expert)
19 March 2010 Its an loss yaar and directly deboited to profit and loss account is allowed in IT...
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Murtaza I Bhagat

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Murtaza I Bhagat (Expert)
19 March 2010 dear,
there is not income tax here,
you just have to booked rs.20,000/- in P&L as loss (car accident)of ABC Pvt.ltd.
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