Section 40A

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venkatachala

venkatachala (Querist)
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20 February 2008 Is Depreciation allowed for a fixed asset which is purchased by paying Rs.25000 in cash

venkatachala

venkatachala (Querist)
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20 February 2008 Is Depreciation allowed for Fixed asset which is purchased for Rs. 25000 by paying in cash

Late CA Sampat Jain

Late CA Sampat Jain (Expert)
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20 February 2008 After the amenement in section 40(A)(3) IT IS NOT ALLOWABLE

CA Hemant T Dewani

CA Hemant T Dewani (Expert)
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20 February 2008 if you are purchase machinery in cash it is allowed. only when your expences are in excess of rs.20000/-in cash that will not allowed u/s 40(A)(3)
expences which are debited to p&l a/c are under 40(A)(3)

CA Saurabh Maheshwari

CA Saurabh Maheshwari (Expert)
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20 February 2008 THE ASSETS PURCHASED IN CASH ARE ALLOWED EVEN IF CASH PAYMENT EXCEEDS RS. 20000/- BECAUSE IT IS NOT A EXPENSE BUT CAPITAL EXPENDITURE BUT EXPENSES WHICH ARE DEBITED TO PROFIT AND LOSS ACCOUNT ARE COVERED UNDER 40(A)(3).BUT DEPRICIATION IS ALLOWED BECAUSE THE EXPENDITURE WAS MADE ON CAPITAL EXPENDITURE

Srinivas Sharma KN

Srinivas Sharma KN (Expert)
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20 February 2008 Deprecation is allowed. Limit given U/S 40A(3)is for expenses only.

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