Is depreciation allowable on purchase of fixed assets by cash, Which used for bussiness purpose?

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 Yes!, depreciation is allowable on purchase of asset for business purpose by cash, subject to certain conditions. The asset must be used for the business or profession of the assessee, and it must be owned, wholly or partly, by the assessee. The asset must also have a useful life of more than one year. However, there is a restriction on claiming depreciation on assets purchased in cash. Section 43 of the Income Tax Act, 1961, disallows the capital expenditure incurred in cash for certain specified assets, including fixed assets. This means that if you purchase an asset for your business in cash, you will not be able to claim depreciation on the cost of the asset. There are a few exceptions to this rule. For example, you will still be able to claim depreciation on assets purchased in cash if the amount of the expenditure does not exceed Rs. 20,000. You will also be able to claim depreciation on assets purchased in cash if the asset is used for scientific research or for the purpos...
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Breaking News: News regarding School opening in Gujarat

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School remains to be closed till Diwali ,However,Gujarat State Govt. adamant not to open school till December

According to sources that Gujarat state government has decided that school remains to be closed for physical learning till Diwali. However, Gujarat State Govt. adamant not to open school till December. The Gujarat government has taken the decision keeping in mind the interest of the children. 

The Centre has approved phase-wise reopening of schools, final decision will be taken by state governments.Many states including Delhi, Karnataka, Chhattisgarh and Maharashtra, have decided not to reopen schools.The Gujarat government has also said it is likely to consider reopening schools only after Gujarat state Government firm not to open schools till December.

If the situation in Gujarat returns to normal, Gujarat State Government may decide to open schools after December. Till situation comes in control / normal Online/ distance learning shall continue to be the preferred mode of teaching and shall be encouraged.



Comments

  1. all in one financial solutionOctober 15, 2020 at 11:26 AM

    Excellent work

    ReplyDelete
  2. BhavyodayOctober 15, 2020 at 6:33 PM

    Great but in online teaching mode most of student can not gain the learning outcome of teachers due to internet connectivity issue...so need to think different way of vertual teaching method by gov.

    ReplyDelete

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