IF ENTITY PURCHASE FIXED ASSET ON CREDIT , CAN HE PAID THE AMT IN CASH OR NOT
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yes you can pay the amount in cash depending on the price of the fixed asset
if amount in lakhs or crores
then not possible you have to pay it through cheque
can u tell me why? i mean any law regarding the same?
according to income tax act sec 40 A an ant exceeding 20000 per day in cash is not allowed
and how can you pay so much money in cash maximum limit for cash transactions is only 3 lakhs
YEA BUT 20000 LIMITS FOR PROFIT AND LOSS A/C ITEM. AND I ASKED FOR FIXED ASSETS
but why do you want to pay such huge amount in cash when govt is encouraging digital transactions
Govt is also planning to limit all cash transactions to Rs 3 lakhs
I AM NOT PAYING SUCH AMT. I JUST WANNA CLEAR THAT ONE CAN PAY ANY AMT IN CASH FOR PUR OF FIXED ASSETS . AS NO LAW REGARD THE SAME. BUT IF THERE IS LAW AG THE SAME. THEN I WANNA TO KNOW SUCH LAW OR RULE.
:As per Finance Bill 2017 w.e.f 01.04.2017 i.e FY 2017-18 (AY 2018-19) it has been proposed that any cash payments of capital expenditure above Rs 10,000 shall not be considered to determine actual cost of asset under Section 43(1). Similarly, no deductions shall be available under section 35AD for any capital expenditure in cash in excess of Rs 10,000.
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