Motor car insurance

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Querist : Anonymous

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Querist : Anonymous (Querist)
08 August 2011 AT THE TIME OF NEW CAR PURCHASE FIRST INSURANCE SHOULD BE CAPITALIZED OR BOOK IN EXPENSES . WHAT IS THE RIGHT WAY AS PER INCOME TAX RULES.
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CA Navin Jain

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CA Navin Jain (Expert)
08 August 2011 FIRST INSURANCE WOULD BE CAPITALIZED AS PER INCOME TAX ACT
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Querist : Anonymous

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Querist : Anonymous (Querist)
08 August 2011 BUT SOME EXPERT VIEWS IS THAT WE CAN BOOK FIRST CAR INSURANCE PREMIUM AS AN EXPENSES.
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CA Navin Jain

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CA Navin Jain (Expert)
08 August 2011 FIRST TIME INSURANCE SI PART OF TOTAL COST THEREFORE IT SHALL BE CAPITALISED
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Querist : Anonymous

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Querist : Anonymous (Querist)
08 August 2011 BUT SOME CITATION IS THERE THAT YOU CAN BOOK IT IN EXPENSES , PLEASE CLEAR THAT.
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CMA Ramesh Krishnan

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CMA Ramesh Krishnan (Expert)
10 August 2011 as per AS-10 it first insurance premium can be capitalised. as per income tax also the same view

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