Dear All,
We are newly started a business and purchased a fixed assets worth of Rs.8 lacs and more through cash payments.... And all the assets are billed in our business name kindly suggest me how can I show this assets in my books. We are 3 partners just before 1 year we started the business.
4 Replies
Manjunath K
(141 Points)
Replied 02 August 2019
But all are purchased by cash... And as per IT law u/S 40(a) no cash payments to be made for more than Rs.10000
Kapadia Pravin
(17259 Points)
Replied 02 August 2019
But they are already purchased so it's for them to look at
rama krishnan
(12239 Points)
Replied 02 August 2019
if it's a depreciable asset, take the cost of the asset reduced by purchase consideration paid in cash and calculate depreciation
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