Hi This is sureshselva , can motor insurance premium can be claim as deduction under income tax act .india.
if so under what head and noting need sir
thanking ypu
With regards
s.suresh selva
9994387193
sureshselva (dealer ) (24 Points)
04 February 2010Hi This is sureshselva , can motor insurance premium can be claim as deduction under income tax act .india.
if so under what head and noting need sir
thanking ypu
With regards
s.suresh selva
9994387193
CA. Rajesh P. Ahir
(In Service @ PSU)
(687 Points)
Replied 04 February 2010
insurance premiup on vehical can be deducted only if it is used for business purpose. It is deducted u/s 35 in Profit and Loss Account. It is an Expense.
But if you are salaried person than it is not diductible
Amir
(Learner)
(4016 Points)
Replied 04 February 2010
Dear Sureshselva,
Friend Rajesh is rite, just want to add that it can also be claimed under Other sources u/s 57
SONUJRT
(CA FINAL STUDENT)
(337 Points)
Replied 06 February 2010
yaaaaaaaa... Mr. rajesh is correct...
sarvesh kg
(employee)
(21 Points)
Replied 10 February 2010
sir i have a quiry that.
We are a travel agent for int & dom air tkt & packages and we are collecting ST As below
International Air tkt - 1.236 %
Domestic tkt - 0.618 %
Transport (Car) -4.12 %
Rail & Mis -10.3 %
Package -2.58 %
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