06 January 2010
i purchased wood/ply for office renovation of amount 55000\- and pay that amount in cash.i added that amount in furniture & fitting head(as captial Exp.).is it right or possible.
06 January 2010
Dear 1)Sec 40A(3) i-e Payment inexcess of Rs.20000 in cash or cross cheque, attracts only to those items which comes to P/L A/c, since you purchased asset which is not come to P/L A/c so there is no retriction of Cash or cheque 2)Different Bills below Rs.20000 but paid to same person in a single day must be aggregate so you can not paid.
CAclubindia
