we are a pvt ltd company, company purchased one of the LCD TV Rs 52000 ,& benz car warrenty extention renewed Rs 57000 ,..but bills are paid in cash
whether its come under the exceeding 20000 section or not, any exception
1 Replies
Ruchi
(CA)
(1410 Points)
Replied 09 March 2016
I think Fixed assets can be purchased for cash as there cannot be any disallowance. Hence LCD TV purchase for cash is fine. But warranty extension of car is treated as an expense and shall be disallowed.
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