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
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.
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
CAclubindia
