Cash payment above 20000 for capital goods.
This query is : Resolved
13 May 2013
If a person made cash payment of more than 20000 for purchase of capital goods . then in such case if the depreciation will be disallowed or not? u/s 40(A)(3) of Income Tax Act.
Please reply soon.
Thanks in advance.
Please reply soon.
Thanks in advance.
13 May 2013
SECTION 40A(3) does not apply to purchase Capital goods. it deals with only purchase of revenue items.
therefore no disallowance of depreciation..
thanks!
therefore no disallowance of depreciation..
thanks!
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