Section 40A
This query is : Resolved
20 February 2008
Is Depreciation allowed for a fixed asset which is purchased by paying Rs.25000 in cash
20 February 2008
Is Depreciation allowed for Fixed asset which is purchased for Rs. 25000 by paying in cash
20 February 2008
After the amenement in section 40(A)(3) IT IS NOT ALLOWABLE
20 February 2008
if you are purchase machinery in cash it is allowed. only when your expences are in excess of rs.20000/-in cash that will not allowed u/s 40(A)(3)
expences which are debited to p&l a/c are under 40(A)(3)
expences which are debited to p&l a/c are under 40(A)(3)
20 February 2008
THE ASSETS PURCHASED IN CASH ARE ALLOWED EVEN IF CASH PAYMENT EXCEEDS RS. 20000/- BECAUSE IT IS NOT A EXPENSE BUT CAPITAL EXPENDITURE BUT EXPENSES WHICH ARE DEBITED TO PROFIT AND LOSS ACCOUNT ARE COVERED UNDER 40(A)(3).BUT DEPRICIATION IS ALLOWED BECAUSE THE EXPENDITURE WAS MADE ON CAPITAL EXPENDITURE
20 February 2008
Deprecation is allowed. Limit given U/S 40A(3)is for expenses only.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- REGARDING GST ON COMMERICIAL PROPERTY
- Form 26QB for TDS on property
- 15ca /15cb whose income tax login? remitter or nri seller's login?
- Capital gain consideration
- Regarding Form 15CA & CB
- Should I report my US salary for January, February, March in Schedule FA?
- GST rate for millets.
- GST on export of services and Input Credit
- PAYMENT NOT SEND IN 180 DAYS
- Partnership Business Can start India (two partners one is Indian and OCI both are wife and Husband)
- Input credit on export services
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- Regarding Documentation & Compliances for Opening of Unit of Pvt Ltd.
- TDS U/S. 194NF
- Short and Excess provision of expenses
- Issue of gst e invoice
- Interchangeable words in accounts
- Adjusted profit/Loss in the case of LLP and Pvt. Ltd.company
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
Trending Online Classes
-
Excel Mastery Program
CA Rishabh Pugalia
CAclubindia
