Cash payment query
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
17 June 2016
Hi Experts
Tax invoice received from a vendor on account of purchase of CC tv cameras for Rs. 35,749/- dated 11.06.15
Cash paid on 15.06.15- for 20k
cash paid on 15.07.15- for Balance and received cash receipts as well.
is it ok?
Please confirm
Tax invoice received from a vendor on account of purchase of CC tv cameras for Rs. 35,749/- dated 11.06.15
Cash paid on 15.06.15- for 20k
cash paid on 15.07.15- for Balance and received cash receipts as well.
is it ok?
Please confirm
17 June 2016
Hi,
Cash paid on 15/06/2015 Rs. 20K is not ok, as per sec 40A (3)(a) of IT act if cameras are being grouped under expense account, if cameras are taken as asset then it has no issue, payment made towards purchase of asset is not covered under sec 40A (3)(a).
Cash paid on 15/06/2015 Rs. 20K is not ok, as per sec 40A (3)(a) of IT act if cameras are being grouped under expense account, if cameras are taken as asset then it has no issue, payment made towards purchase of asset is not covered under sec 40A (3)(a).
Querist : Anonymous
Querist :
Anonymous
(Querist)
17 June 2016
it is treated as assets only so we need not to worry right?
17 June 2016
yes you can buy capital expenditure in Above Rs. 20000/- in cash
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