ONE QUESTION IN RESPECT OF DIRECT TAX SECTION 40A(3).
This query is : Resolved
CA Umashankar Vaishnav
(Querist)
06 August 2009
RESPECTED SIR
MAY I HAVE ONE QUESTION IN RESPECT OF DIRECT TAX SECTION 40A(3).
SUPPOSE IN A PREVIOUS YEAR I HAVE PURCHASE A CAR FOR RS 500000 /- IN CASH.
THAN FOR THAT PREVIOUS YEAR CAN I COULD CLAIM DEPRECIATION @15 % AS PER INCOME TAX DEP. TABLE
OR
Its Dep WILL BE DISALLOWED UNDER SECTION 40A(3)
IN V.K. SINGHANIA BOOK DIRECT TAX NEW EDITION APPLICABLE FOR A.Y.2009-10 IT IS CLEARLY MENTION BY GIVING THE FOLLOWING EXAMPLE
PLZ REPLY ME SIR
UMASHANKAR
GWALIOR
CA FINAL MAY 2010
MAY I HAVE ONE QUESTION IN RESPECT OF DIRECT TAX SECTION 40A(3).
SUPPOSE IN A PREVIOUS YEAR I HAVE PURCHASE A CAR FOR RS 500000 /- IN CASH.
THAN FOR THAT PREVIOUS YEAR CAN I COULD CLAIM DEPRECIATION @15 % AS PER INCOME TAX DEP. TABLE
OR
Its Dep WILL BE DISALLOWED UNDER SECTION 40A(3)
IN V.K. SINGHANIA BOOK DIRECT TAX NEW EDITION APPLICABLE FOR A.Y.2009-10 IT IS CLEARLY MENTION BY GIVING THE FOLLOWING EXAMPLE
PLZ REPLY ME SIR
UMASHANKAR
GWALIOR
CA FINAL MAY 2010
Vivek Gupta
(Expert)
07 August 2009
hi,
i have not come across the book, but as understood from above...
Yes, we can claim depr on asset purchased in cash of more than 20,000/-. as per the defination of 40a(3, the section applies for expenses claimed as expenses, and posted on the expenditure side of the p/l. as here the asset is purchased, so we are not treating it as an expense. , thereafter we can clain depr...
i have not come across the book, but as understood from above...
Yes, we can claim depr on asset purchased in cash of more than 20,000/-. as per the defination of 40a(3, the section applies for expenses claimed as expenses, and posted on the expenditure side of the p/l. as here the asset is purchased, so we are not treating it as an expense. , thereafter we can clain depr...
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