IF ENTITY PURCHASE FIXED ASSET ON CREDIT , CAN HE PAID THE AMT IN CASH OR NOT
IF ENTITY PURCHASE FIXED ASSET ON CREDIT , CAN HE PAID THE AMT IN CASH OR NOT
if amount in lakhs or crores
can u tell me why? i mean any law regarding the same?
YEA BUT 20000 LIMITS FOR PROFIT AND LOSS A/C ITEM. AND I ASKED FOR FIXED ASSETS
I AM NOT PAYING SUCH AMT. I JUST WANNA CLEAR THAT ONE CAN PAY ANY AMT IN CASH FOR PUR OF FIXED ASSETS . AS NO LAW REGARD THE SAME. BUT IF THERE IS LAW AG THE SAME. THEN I WANNA TO KNOW SUCH LAW OR RULE.
:As per Finance Bill 2017 w.e.f 01.04.2017 i.e FY 2017-18 (AY 2018-19) it has been proposed that any cash payments of capital expenditure above Rs 10,000 shall not be considered to determine actual cost of asset under Section 43(1). Similarly, no deductions shall be available under section 35AD for any capital expenditure in cash in excess of Rs 10,000.
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