Capital asstes

This query is : Resolved 
Quick Summary
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.

Profile Image

Profile Image

(Querist)
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
Profile Image

Harshit Bangar

Profile Image

Harshit Bangar (Expert)
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
Profile Image

omnath

Profile Image

omnath (Querist)
14 January 2021 thank to your . if applicable form the asst-year 2020-21? ARE 2021-22?
Profile Image

Dhirajlal Rambhia

Profile Image

Dhirajlal Rambhia (Expert)
05 November 2021 Being single bill of Rs. 95,000/- it will be disallowed.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now



Similar Resolved Queries


loading


Unanswered Queries


Trending Online Classes

view all classess

CCI Pro
Meet our CAclubindia PRO Members
Pro Member ashok jainashok jainPro Member SUJOY MAZUMDARSUJOY MAZUMDARPro Member Vinod PatilVinod PatilPro Member S J MITRAS J MITRAPro Member Srijan AgarwalSrijan Agarwal
Subscribe to Pro
Join an elite circle of professionals



Answer Query



Quick Links



Browse by Category