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Capital expenditure

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Querist : Anonymous

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Querist : Anonymous (Querist)
30 May 2017 Please clarify this to me whether payment for furniture purchase made in 2016-17 however bill for the same has been received in 2017-18 mentioning date 23.05.2017, so whether bill to be entered in 2016-17 or 2017-18???
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Sandeep Dharar

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Sandeep Dharar (Expert)
30 May 2017 Y so late? Its 2 months from year end. May b ur vendor is shifting his/her tax liability in coming year (17-18). There is no such issue in the transaction, but u can't claim depreciation on that Asset in Previous accounting year, as u need to book the entry in current financial year.
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