Disallowance u/s 40A(3)
This query is : Resolved
11 December 2009
If a fixed asset is purchased for a one time cash payment exceeding the limit of above section then should depre on such asset be disallowed u/s 40A(3)?cause provision says that no deduction on such expenditure will be allowed & depre is just a form deferment of such deduction
12 December 2009
Dear sir
yoy have mentioned in you question
u/s 40A(3)?cause provision says that no deduction on such expenditure will be allowed
Then Fixed Assets Not Expenditure. it not com under purview of sec40A(3)
yoy have mentioned in you question
u/s 40A(3)?cause provision says that no deduction on such expenditure will be allowed
Then Fixed Assets Not Expenditure. it not com under purview of sec40A(3)
12 December 2009
agree. and as per my Concern, you have Purchased a fixed assets by cash that means you have done capital expenditure so disallowed expenditure.
12 December 2009
Mr.Singh,
But in rhe form of Depreciation you are charging it P&l.There is deferral of such
deduction.Purchase of FA is a capital expenditure & provision is not specifically to Revenue items only
But in rhe form of Depreciation you are charging it P&l.There is deferral of such
deduction.Purchase of FA is a capital expenditure & provision is not specifically to Revenue items only
14 December 2009
We can purchase Fixed Assets for any amount in cash. Sex0A (3) is not applicable for purchase of Fixed Assets. Depreciation will be allowed.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Reporting Income under Section 44ADA
- Itr 1 processing
- ITR 2 Short Term gain & Long term gain
- Off Market debit and credit transaction
- ITR returnFY25-26
- INCOME TAX ON REDEVELOPEMENT OF FLAT
- Short Term Capital gain on shares bought and sold after 2018 onwards
- Share accounting-->fifo - capital gain - period as per fifo?
- ITR validation error - Balance sheet is not filled
- ITR 1: Details for showing Exempt Income
- Registration as Authorised Representative of minor
- Article ship defecit
- Bank Accounts in Balance Sheet for ITR 3
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- Difference in tax comparison report
- Gst invoice numbering and delivery challan numbering
- Sales amount in Gstr1
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
