How to treat First time Road Tax and Insurance charges with vehicle purchase and how to treat renewal of these charges
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Capitalization of Road Tax
Replies (3)
The first time Road Tax charges need to be clubbed with the cost of the vehicle,
The Insurance charges paid should come under Insurance Charges, &
The renewal charges (for Road Tax) should come under Repair & Maintenance.
First time charges needs to be capitalised and subsequent annual Road taxes should come to rates and taxes and Insurance to Insurance charges.
I feel that the Road Tax included in the vehicle tax invoice by the seller, then only it can be capitalized,
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