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Payment in cash in excess of rs 20,000/-

Page no : 2

naseef (CA Final, ICWAI Final)     21 September 2013

Section 40A (3) is applicable to section 30-37, Hence depreciation shall not  be allowed if it is cash purchase of fixed asset.


Anil (Student CA IPC / IPCC)     23 September 2013

Thanks for the clarifications

Anuj jain

Anuj jain (CA Final Student)     23 September 2013

yes it is allowed because as u have incurred expenditure of capital nature and u r eligible to debit the depreciation in P&L a/c and the same will be allowed to u..but it is prefreble that FA should not be purchased from cash.

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