Cash expenditure 10K capitalization to asset
This query is : Resolved
16 November 2019
We installing lift when we doing installation done civil work there which are labour payments , welding works etc.. can we capitalize expenses >10K & <10K. civil and welding work to lift asset.
16 November 2019
The expenses incurred relating to installation of assets can be capitalized. But cash payments to be viewed separately as per income tax act. if cash payment made to one vendor in one day should not exceed Rs.10,000/-. if so, that expenses will be disallowed in Memo by statutory auditors
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