a furniture is purchased by rs 80000
paid in cash
can we claim depreciation on the above purchase
Yes, you can if supplier provides you tax invoice ............... .........
4 Replies
prasad Nilugal
( GST Practitioner & Accounts )
(14801 Points)
Replied 12 August 2023
Refer section 43(1) second proviso, of the income tax Act . As per this section if you purchase Asset more than (10000) ten thousand in Cash then , Cost of aquisition become NIl, and therefore you Can not claim depreciation on Asset. correct me if I am wrong.
Refer section 43(1) second proviso of the income tax Act.
Others opinion is highly recommended.
Refer section 43(1) second proviso of the income tax Act.
Others opinion is highly recommended.
RAJA P M
("Do the Right Thing...!!!")
(128091 Points)
Replied 13 August 2023
Yes I agreed with Mr Prasad Nilugal view...
Also cheque out the Cash Expenses exceeds 10k is disallowed in Income Tax...
Also cheque out the Cash Expenses exceeds 10k is disallowed in Income Tax...
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