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Insurance on car

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(Querist)
27 January 2013 dear expart
If is car is used for the business is there
any claim of insurance of car as business expenses? advive me thanks.....
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HUZAIFA HUSSAIN

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HUZAIFA HUSSAIN (Expert)
27 January 2013 if car is used for business purpose than any expenditure relating to such car can be claimed as business expenses.
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MALAY DAS

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MALAY DAS (Querist)
27 January 2013 dear expart
thanks... but in case of new car, insurance
of car for the first time should be capitalized and renewel insurance treated
as revenue expenditure and debited to p/l a/c am i right or wrong? please advice me
thanks.....
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HUZAIFA HUSSAIN

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HUZAIFA HUSSAIN (Expert)
28 January 2013 even the initial insurance can be debited to p & l account since its validity is only for one year.

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