ABOVE 20000
This query is : Resolved
27 September 2008
I have a qurery. Under Income tax any payment exceeding Rs. 20000 in cash is disallowed. Does the same applies to Capital Expenditure also. Like if a person purchases a laptop of Rs. 40000 in cash making one time payment then depreciation on it will be allowed or disallowed.
PLZ GIVE CONFIRM ANSWERS
PLZ GIVE CONFIRM ANSWERS
27 September 2008
sec 40A(3) does noy apply to capital expenditure.
30 September 2008
disallowance happens for items being charged to profit and loss account.
the purchase of capital item is not fully charged to the profit and loss account in the current case.
the purchase of capital item is not fully charged to the profit and loss account in the current case.
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