As per income tax act, any expenditure made in cash exceeding 20K in a day has to be added back to our profits, If we had made such paymnet related to capital expenditure how can we added back as we didn't debited to P&L acc
As per income tax act, any expenditure made in cash exceeding 20K in a day has to be added back to our profits, If we had made such paymnet related to capital expenditure how can we added back as we didn't debited to P&L acc
As per Circular no. 34 dated 5-3-1970 sec 40 A(3) will not be applicable for capital expenditure (for purchase of assets not meant for resale).So no need to worry.
Naveen Fintech Pvt Ltd
Kolkata
CA Inter
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CAclubindia
