Is Sec.40A(3) of IT Act is applicable on capital expenditure?
Rpy
santosh
(advocate)
(23 Points)
Replied 25 August 2010
is there e-filling of income tax return mendetory for all professional those income more then 10 lac during the financial year 2009-2010
madhur gupta
(student/article )
(1022 Points)
Replied 25 August 2010
No Sec.40A(3) is not applicable on capital expenditure
as only that item can be disallowed which is allowed in P & L acct
so capital exp are not covered in it
mehul kishnani
(student)
(264 Points)
Replied 25 August 2010
mehul kishnani
(student)
(264 Points)
Replied 25 August 2010
SUNNY
(CA Final & CS Professional)
(327 Points)
Replied 26 August 2010
no it is not applicable for capital expenditure...
Vadiraj.N.Naik
(CA Final)
(60 Points)
Replied 26 August 2010
hi
Agree with Mr.Mehul Kishnani & Mr.Sunny
ashish kedia
(student)
(31 Points)
Replied 27 August 2010
if an assessee incurs any capital expenditure and makes the payment which exceeds 20000. Depreciation in respect of that expenditure shall be disallowed. Friends please refer the wordings of section 40A(3).
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