05 March 2013
Dear Experts ,will the depreciation on FA purchased in cash exceeding Rs 20000 be disallowed under the income tax act , i will be grateful for your timely solution..
05 March 2013
No such provision in the Income tax Act....Ceiling limit of Rs.20000 is just for revenue expenditure....depreciation will be allowed it is a non-cash expenditure...
CAclubindia
