Fixed assets Cash purchase
Sandeep Jain (Pivate) (1459 Points)
23 September 2022we have purchase fixed assets in cash invoice value Rs.14325 can we Claim deperication. Kindly advise
Sandeep Jain (Pivate) (1459 Points)
23 September 2022
prasad Nilugal
( GST Practitioner & Accounts )
(14805 Points)
Replied 23 September 2022
As per section 43(1) of the Income tax act, Cash purchase of an asset for more than 10000/-, depreciation is disallowed. please refer section 43(1) for more details.
prasad Nilugal
( GST Practitioner & Accounts )
(14805 Points)
Replied 23 September 2022
Please wait for others Opinion or take others opinion as well
sabyasachi mukherjee
(27579 Points)
Replied 26 September 2022