Capital asstes


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This discussion clarifies the tax implications of purchasing a capital asset, specifically a scooter costing Rs. 95,000, for the assessment year 2020-21. According to income tax provisions, if the payment for a capital asset exceeds Rs. 10,000 in a single day, it is generally disallowed for tax audit purposes. As the scooter purchase was a single bill of Rs. 95,000, it would be disallowed under these rules for both AY 2020-21 and AY 2021-22.

14 January 2021 MR.A cash Purchases a capital assets of scooter rs.95,000/- for the Asst.met year 2020-21. it is allowed for the tax audit report?

thnaks

14 January 2021 it shall be disallowed but if payment made in a day less than Rs. 10000 then it can be allowed as per income tax provision

14 January 2021 thank to your . if applicable form the asst-year 2020-21? ARE 2021-22?

05 November 2021 Being single bill of Rs. 95,000/- it will be disallowed.


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