cash payment
This query is : Resolved
21 July 2008
Sir,
Ours company is Ltd but not listed. During the financial year(2007-08) we purchase Interior Rs.10 Lakhs in cash. As per sec 40(a) no payment is made in cash more than Rs. 20k. In this way our asset purchase is allowable(capital asset) or not. If allowable can we claim depreciation. Please give advice in this thing.
Ours company is Ltd but not listed. During the financial year(2007-08) we purchase Interior Rs.10 Lakhs in cash. As per sec 40(a) no payment is made in cash more than Rs. 20k. In this way our asset purchase is allowable(capital asset) or not. If allowable can we claim depreciation. Please give advice in this thing.
21 July 2008
Fixed asset may be acquired in cash and depreciation claimed accordingly. Section 40A(3) relates to expenses debited to P & L a/c.
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