In order to save RTO tax an PVT. LTD. Company have purchased car in the name of Director.
1)Loan is taken in the name of Director.
2) Down payment & other payment such as insurance are made by the company.
3) Every month loan installment is paid from the company's A/c.
4) Company is showing CAR as fixed asset in its Balance Sheet & car is used by the Company.
WHETHER DEPRECIATION CAN BE AVAILED BY THE COMPANY?