Payment of equipment treated fixed or business expenses

Save Share

This query is : Resolved

Kollipara Sundaraiah (Querist)
Follow

03 January 2022 Sir,
A it person purchase of equipment value payment different dates no invoice received.
Payment rs:1 lacs dt:10-06-20
Payment rs:2 lacs dt:25-06-20
Payment rs:1,50,000/- dt:20-07-20
Payment rs:2 lacs dt:26-07-20.
Question:
1.A person above mentioned purchase of equipment values business expenses or fixed assets treatment in books in it act.
2.fixed assets treatment depreciation claim allowed in it act.

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
Follow

03 January 2022 1. Fixed asset, invoice required for the equipment.
2. Depreciation not allowed.
3. The seller cannot accept the cash amount for any single equipment.

Message likes : 1 times

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now