01 July 2015
I have purchased a new AC and have sold old AC in cash and also paid installation charges Rs. 1000/- in cash so how to account this? should i account the purchase and sale entry separately? also installation charges will be clubbed with AC amount
01 July 2015
dear ridhi u can purchase ac in cash section 40a(3) will not get attracted. Yes do the entry of sale & purchase separately. Also add the installation cost to the value of asset.
03 July 2015
can you send the article where the assets which can be purchased in cash is given. I dint knew about that AC can be purchased in cash. Thanks a lot
I think ur getting confused in section 40A(3)where expenses more than Rs.20000/- are disallowed. Do not get confused any asset can be purchased in cash.
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