Fixed assets purchase regarding
This query is : Resolved
15 April 2018
dear sir i has cash balance for 1500000 then i can purchase machine in of rs 500000 cash or not.
15 April 2018
Expenditure for acquisition of any asset in respect which payment exceeds ten
thousand rupees, such expenditure shall be ignored for the purposes of
determination of actual cost of such asset. meaning thereby depreciation will be
disallowed.
thousand rupees, such expenditure shall be ignored for the purposes of
determination of actual cost of such asset. meaning thereby depreciation will be
disallowed.
16 April 2018
You can purchase with cash but ready to face disallowance with respect to income tax for payment in excess of rs 10,000. ALSO will have impacts on actual cost computation as per sec 43.so much of amount paid in form of cash in excess of 10,000 shall not be regarded as actual cost. Better avoid cash transaction for purchase
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