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Construction expenses for hospital treatment in books

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20 April 2024 Sir,
Tax audit it person new construction started commercial building for hospital f.y.23-24 total value rs:2 cores.
Some construction expenses rs:1.90 lacs payment through on bank online mode.
Some construction expenses rs:10 lacs payment through on cash mode (rs:10,000 limit per day)
Question:
Assessess construction expenses treatment in books and construction expenses value rs:1.90 lacs or rs:2 crores correct show procedure.

22 April 2024 disallowance under Income-tax would not change the cost of the building for accounting purposes. In accounts, you will provide for full value of the asset. Any disallowance under income-tax needs to be made in the ITR and if applicable, audit report.



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