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

-
Image
 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...
Post a Comment

Happy Navratri 2020 Highlights : Navratri Started from Today (17th October,2020) , It's Start and End Date, Significance, Best wishes and images

-

 Happy Navratri 2020 Highlights : Navratri Started from Today (17th October,2020) , It's Start and End Date, Significance, Best wishes and images



"I HOPE THAT MAA DURGA GOT VICTORY ON PANDEMIC CORONAVIRUS."


India is a country of varied cultures and traditions. Navratri means group of one-night, which is special for all hindusiam. A nine-day Hindu festival that falls in the month of autumn, Navratri is dedicated to the different forms of Goddess Durga. Devotees worship nine avatars of the Goddess during these nine days. A nine-day Hindu festival that falls in the month of autumn, Navratri is dedicated to the different forms of Goddess Durga.Devotees worship nine avatars of the Goddess during these nine days.

Navratri is the sign of goods over evil. Navratri is celebrated during the Hindu calendar month of Ashvin, which usually falls in the Gregorian months of September and October. In 2020, the festival of Navratri will start on 17 October and will go on till 25 October. This is also the time when Sharadiya Durga Puja is celebrated in the eastern part of India. 


Navratri is actually celebrated twice a year. Sharad or Sharadiya Navratri takes place between September and October while Chaitra Navratri falls between March and April.


Calendar of Nine Days Muhrat of Auspicious day of Navratri 2020 :

# Day 1: 17 October: Pratipada, Ghatasthapana, Shailputri Puja. Navratri colour of the days is grey.

# Day 2:  18 October:  Dwitiya, Chandra Darshana, Brahmacharini Puja. Colour of the day is orange.

# Day 3: 19 October: Tritiya, Sindoor Tritiya, Chandraghanta Puja. Colour of the day is orange.

# Day 4: 20 October: Chaturthi, Kushmanda Puja, Vinayaka Chaturthi, Upang Lalita Vrat. Navratri colour of the day is red.

# Day 5: 21 October: Panchami, Skandamata Puja, Saraswati Avahan. Colour of the Day is royal blue.

# Day 6: 22 October: Katyayani Puja, Saraswati Puja. Colour of the day is yellow.

# Day 7: 23 October:  Saptami, Kalaratri Puja. Navratri colour of the day is green.

# Day 8: 24 October: Ashtami, Durga Ashtami, Mahagauri Puja, Sandhi Puja, Maha Navami. Colour of the day is peacock green.

# Day 9: 25 October: Navami, Ayudha Puja, Navami Homa, Navratri Parana, Vijayadashami. Colour of the day is purple.

On this occasion, while some people fast, others gorge on festive feasts. Some devotees fast for all nine days while some observe them in jodas (couple). Some of the commonly eaten foods while fasting.


# Best Wishes  :

• " Cherish new beginnings with the arrival of Maa Durga at home. Happy Navratri! "

• " Navratri is the sign of good over evil."

• " May goddess Durga illumimate your life with countless joy."

• " May goddess Amba gives you good health, energy, and wellness. Wish you happy Navratri!"

• " May Goddess Durga filled all colours of joy, beauty, energy, prosperity, wellness, abundant enthusiasm in your life."

• " Navratri means group of one-night, which is special for all hindusiam."

• " Wishing you that in this Navratri fullfill your all dreams."

• " May hope that this auspicious day Maa Durga got victory on pendemic situation of Coronavirus."

# Best Images of wishes :






















Comments

Post a Comment

Popular posts from this blog

KEY HIGHLIGHTS OF INDIAN UNION BUDGET 2023-2024 : PERSONAL INCOME TAX ASPECTS

-
Image
Five major announcement made by the hon'ble finance minister of India Smt. Nirmala Sitharaman during the union budget presented at parliament are as follows: For Middle Class People * Following changes is applicable only for the person, who opting new tax regime U/s. 115BAC (1A)  ✓ Increase Limit of Rebate U/s. 87(A) : Under New Tax Regime  Resident individual with total income up to ₹. 5,00,000 do not pay any tax due to rebate under both old and new regime. It is proposed to increase the rebate for the resident individual under the new regime so that they do not pay tax if their total income is up to ₹. 7,00,000. ✓ Changes in Tax Slab system opted U/s. 115BAC(1A) : Under New Tax Regime  Substantial relief is proposed under the new regime with new slabs and tax rates as under: Total Income (₹)                           Rate (per cent)  • Upto 3,00,000             ...
Read more