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.
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