Constructions expenses cash mode payment allowed

It business person  commerical building  new construction  strated in f.y.21-22

1.Assess some construction expenses rs:15 lacs payment through on online mode.

2.Assess some construction expenses rs:4 lacs payment through on cash mode(rs:10,000/- limit above for per day)

Question:

1.Assess construction expenses value rs: 15 lacs or rs: 19 lacs show in books and it returns.

2.Depreciation claimed procedure.

Replies (2)
Quick Summary
This discussion clarifies the tax implications of construction expenses paid via cash versus online methods. It addresses whether expenses paid in cash, particularly those exceeding the £10,000 daily limit, should be recorded as the total amount or if the cash portion is disallowed. Furthermore, it explores the procedure for claiming depreciation on capital expenditures, noting that cash payments over the limit may prevent depreciation claims.

1. any expenditure in cash for more than 10,000 per day will be disallowed .
2. any capital expenditure in cash for more than 10,000, assesee can not claim depreciation on it.
Agree with above comment

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