Fixed assets Cash purchase

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Pivate
1492 Points Posted on 23 September 2022
Dear Sir,

we have purchase fixed assets in cash invoice value Rs.14325 can we Claim deperication. Kindly advise
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On 23 September 2022 at 08:29 Report
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Quick Summary
This discussion clarifies whether depreciation can be claimed on fixed assets purchased with cash. According to Section 43(1) of the Income Tax Act, depreciation is disallowed for cash purchases exceeding Rs. 10,000. It's advisable to consult Section 43(1) for full details and consider other opinions on this matter.

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GST Practitioner & Accounts
15146 Points Posted on 23 September 2022

As per section 43(1) of the Income tax act, Cash purchase of an asset for more than 10000/-, depreciation is disallowed. please  refer section 43(1) for more details.

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On 23 September 2022 at 09:08
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Pivate
1492 Points Posted on 23 September 2022
Thank you
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On 23 September 2022 at 09:21
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GST Practitioner & Accounts
15146 Points Posted on 23 September 2022

Please wait for others Opinion or take others opinion as well 

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On 23 September 2022 at 10:27
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Profession Business
28246 Points Posted on 26 September 2022
Fixed asset cash purchase not possible sec 43(1)
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On 26 September 2022 at 17:23

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