Section 40A
This query is : Resolved
20 February 2008
Is Depreciation allowed for a fixed asset which is purchased by paying Rs.25000 in cash
20 February 2008
Is Depreciation allowed for Fixed asset which is purchased for Rs. 25000 by paying in cash
20 February 2008
After the amenement in section 40(A)(3) IT IS NOT ALLOWABLE
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)
expences which are debited to p&l a/c are under 40(A)(3)
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
20 February 2008
Deprecation is allowed. Limit given U/S 40A(3)is for expenses only.
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