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IT question

Prerna (Article) (34 Points)

25 August 2010  

Is Sec.40A(3) of IT Act is applicable on capital expenditure?


 7 Replies

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

@ Santosh Notification No. 49/2010 dated 9 July 2010 (Notification) issued by the Central Board of Direct Taxes Individuals/ HUF liable for tax audit under section 44AB of the Indian Tax Laws (ITL), which earlier had an option to file ROI in either paper form or electronic form, are now mandatorily required to file ROI electronically (with or without digital signature) for tax year 2009-10 onwards.

mehul kishnani (student) (264 Points)
Replied 25 August 2010

Audit u/s 44AB applicable ,receipt is more than Rs. 10 Lacs

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


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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