Cash purchase of fixed assets
This query is : Resolved
21 May 2014
DEAR SIR
If one person have pvt. Ltd co.and he buy one car for business purpose but that person pay 2lakh through cash and bal.amt 5 lakh through cheque. i want to know depreciation are applicable on this amt.according to income tax or not.
If one person have pvt. Ltd co.and he buy one car for business purpose but that person pay 2lakh through cash and bal.amt 5 lakh through cheque. i want to know depreciation are applicable on this amt.according to income tax or not.
22 May 2014
Capital Expenditure > 20,000 (in cash) is allowable in Income Tax. Depreciation rate is 15% and 30% (if used in business of running car on hire)
23 May 2014
capital expenditure is allowed in cash but it is better to pay by cheque.
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