fixed asset purchase (in cash)
This query is : Resolved
seema wadhwa
(Querist)
25 May 2011
company purchased fixed asset and made payment in cash in excess of Rs. 20000
whether cash payment in excess of Rs. 20000 allowed or not for purchasing fixed asset
whether cash payment in excess of Rs. 20000 allowed or not for purchasing fixed asset
CA PARAS BAFNA
(Expert)
25 May 2011
For purchasing fixed assets cash payment can be made in excess of 20000/-
25 May 2011
Purchase of Fixed asset is capital expenditure. This is a balance sheet item and not P/l item. So you can purchase fixed assets by Cash payment exceeding Rs 20000/- no disallowance u/s 40A(3) of the IT Act, 1961.
CA.AMAR MOHAPATRA
(Expert)
25 May 2011
strongly agreed with paras sir n sanjay sir
29 September 2013
is there any reporting required by the company law for purchasing the fixed assets for consideration of cash which is in excess of Rs. 20000
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