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FREE GUIDE · PDF
The CFO's guide to operating leases.
Accounting, tax and GST, and a simple way to compare lease, buy and loan. Everything a finance team needs before signing an equipment lease, in one place.
PDF · 24 pages
20 minute read
Updated October 2026
FOR CFOS
The CFO's guide to operating leases
capexo · 2026 edition
“Written for finance heads who want the numbers, the accounting and the tax answers before they talk to a lessor.”
Amit Mishra, Founder and CEO, Capexo
WHAT'S INSIDE
Six chapters, no jargon.
Each chapter ends with a one-page checklist your team can use straight away.
CHAPTER 01
What an operating lease is
How it differs from a finance lease and a term loan, and who owns the asset.
CHAPTER 02
Lease, buy or borrow
A side-by-side framework for comparing cash flow, total cost and risk.
CHAPTER 03
Accounting under AS 19 and Ind AS 116
How a lease shows up on the balance sheet, P&L and cash flow statement.
CHAPTER 04
Tax and GST
Deductibility of rentals, input tax credit, and deferred tax under Ind AS.
CHAPTER 05
Ratios lenders watch
Debt-to-equity, TOL/TNW, ROCE and EBITDA, and how a lease moves them.
CHAPTER 06
Before you sign
Lease terms to negotiate and the documents your auditor will ask for.
WHO IT'S FOR
Built for the people who sign off on CapEx.
CFOs and finance heads
Deciding how to fund the next line, site or rollout.
Finance controllers
Getting the accounting and disclosure right.
Founders and promoters
Growing without diluting equity or stretching bank lines.
Chartered accountants and advisers
Advising clients on lease structures and tax.
ABOUT THE AUTHOR
Amit Mishra
Founder and CEO, Capexo
Amit previously served as Co-founder and CFO of RDash and 91Squarefeet, where he was responsible for finance and strategy. He writes practical, finance-led insights on lease structuring, cash flow, capital efficiency and borrowing capacity. MBA, Finance, IIM Mumbai; B.Tech, IIT Roorkee.
Read Amit's articlesHave a lease decision in front of you?
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