Deduction of vehicle insurance from the taxable income

Whether the insurance paid for the vehicle owned by the tax payer can be deducted from the taxable income more

Helpful Tax, Investments and Retirement Jun 26

If your firm is registered with Service Tax and Income tax then buy car in name of company and you can have benefit service tax set off , depreciation , interest being booked under expense , Insurance booked under expense ...... more

Jun 27

S.G. HUNDEKAR (Professor of Commerce)

At present there is no such provision under any section to deduct from our taxable income. more

Jun 26

BALAKRISHNAN RAMANATHAN

Why is the Service tax paid/collected from an individual tax payer is not allowed to be deducted from his taxable income? more

Jun 26

CHAIN KOTHARI

Insurance paid for vehicle owned by an individual is not deductible from taxable income except if the vehicle is used to earn income from business / professional skill etc. more

Jun 26

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