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Income tax query


kollipara sundaraiah (B.com)     07 April 2020

kollipara sundaraiah
B.com 
 6 likes  395 points

| My Other Post

i.t. assess construction of commerical building .exepenses paid for some amount paid cash mode and some other amount paid bank cheque mode .
Doubts:
1.cash payment exepenses penality applicable
2. cash payment exepenses depreciation claimed allowed.
3.cash payment value amount construction account included or excluced.

avater

NAVEEN CHAND (Just keep going. You never know how far you can go.)     07 April 2020

NAVEEN CHAND
Just keep going. You never know how far you can go. 
 875 likes  12407 points

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cash payment > 10,000 is not allowed 

and such expenses shall not be allowed while computing profits for Business 

and If a capital goods is purchased via other than Account payee cheque , Account payee bank draft , via Electronic Clearing System through Banking Channel or other modes as may be prescribed then depreciation shall not be allowed . 

avater

RAJA P M ("Do the Right Thing...!!!")     07 April 2020

RAJA P M
"Do the Right Thing...!!!" 
 8292 likes  113456 points

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Yes... I agreed to Mr Naveen chand views...

@ Mr kollipara sundaraiah.,

1. Cash payments exceeding 10k then disallowed under income tax. Penalty not levied...

2. No... depreciation not allowed if CG purchasing through Cash.

3. Give more clarity...

kollipara sundaraiah (B.com)     07 April 2020

kollipara sundaraiah
B.com 
 6 likes  395 points

View Profile | My Other Post

3 rd point example: cash payment mode value (above ten thousand) Rs.200000/- and bank check mode payment value.Rs 5,00,000/- .my doubt asset value show in balance sheet Rs.5,00,000/- or 7,00,000/-


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