LIVE GST Certification Course by CA Arun Chhajer begins 27th April. Register Now!!

Activa income tax

ABHI KUMAR (637 Points)

17 January 2021

cash m activa li hai depreciation allowed hoga

Reply
Follow
Share

7 Replies

Kapadia Pravin (17249 Points)
Replied 17 January 2021

Cash or cheque, depreciation is allowed. It should be used for your business.

ABHI KUMAR (637 Points)
Replied 17 January 2021

Ok thanks but use nai ho rai business m to fixed asset m dikhana jaruri h kya

CA. Sourav Sarkar (Chartered Accountant ) (24578 Points)
Replied 17 January 2021

Yes it should be shown

Atul M (aaa) (729 Points)
Replied 17 January 2021

1.Payment up to 10,000 in Cash, capitalised and claim depreciation.

2. Payment more than 10,000 in cash, can't claim depreciation u/s 32 and and can't add cash amount in cost of fixed assets as per section 43 of IT act, 1961.

1 Like

ABHI KUMAR (637 Points)
Replied 17 January 2021

If active price 50 thousand scheme coupan 21 thousand nd remaining amount paid in cash then we can add only 21 thousand amount on cost under head fixed assets

Krishna Chaudhary (Accountant) (4531 Points)
Replied 18 January 2021

As per the provisions of income tax if you purchase an asset exceeding rupees 10000 then depreciation will not be allowed on such asset.

but the exact term used in the income tax are are the actual amount paid in cash exceeding 10000 will not allowed. so if you have paid any amount in other than cash mode you can claim depreciation only on such amount.

the other way to charge depreciation is pay cash instalments below 10000 in a day.

1 Like