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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पैन कार्ड बनवाना हुवा अब और भी आसान! How to get PAN instantly free of cost just within 10 minutes?

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Now a days Government of India takes initiatives for digitalization and hassle-free transaction. Hence, The Finance Minister Nirmala Sitharaman has declared the process of fresh applicants to PAN getting the allotment instantly through an online application. 
  
  While presenting the Union Budget early this year, Finance Minister Nirmala Sitharaman had declared that a facility for instant allotment of Permanent Account Number (PAN) card using Aadhaar-based e-KYC would be launched. E-PAN contains QR code with demographic and biometric information of the PAN cardholders. This information can be used for PAN verification purposes in offline mode.

Here explained the process and Required Documents for the application of new PAN CARD is below: 👇

Required Documents:
1) Valid Aadhaar card.
2) Have a mobile number registered in the UIDAI database.
(Before make application , to make sure that registered mobile number is linked with Aadhaar. Because OTP will be send out to the registered mobile number which are linked with Aadhaar.)
     

  All the details of applicants like Name , Date of Birth, Address etc. are automatically fillup on E-KYC based from Aadhaar.

Fruitful Note: In the interest of applicants , applicants must see the name printed on Aadhaar are in the order of 👇 


                First  Name      Middle Name         Surname (Last Name)
For eg.:    ARVIND             MAFATLAL           PATEL
    Because of Generally PAN fifth character is your surname first character  like 'P' and System takes last Name first character printed on applicants Aadhaar as fifth character of PAN. IT Department System also allotted to PAN if name are not in above mentioned order but if name in above mentioned order it's more freferable for applicants.

# PROCESS OF E-PAN APPLICATION :

( How to apply for E-PAN ? ):
Step - 1:  

Visit the official website of e-Filing of the Income-tax department at ( https://www.incometaxindiaefiling.gov.in/e-PAN/ ) Click Here

And after Click on Get New PAN.


Step - 2 :             

Fill your Aadhaar number in the given box.Then, enter the captcha and confirm.Click on the ‘Generate Aadhar OTP’ to receive the OTP on your registered mobile number.


Step - 3 :

Enter the Aadhaar OTP received on your registered mobile number and click on the ‘Validate Aadhaar OTP and Continue’ button once you have agreed to validate your Aadhaar details with UIDAI.


Step - 4 :

You will be redirected to the PAN request submission page where you will be required to validate your Aadhaar details and accept the terms and conditions. Click on the ‘Submit PAN Request’ button.


Step - 5 :

You will be given an acknowledgement number once you have submitted your Aadhar details for validation. You can view the PAN allotment status by entering your Aadhaar number.To keep Acknowledgement for future reference and not down same in safe place.


After successfully submitting the application, you will receive a message on the registered mobile number. A mail will be sent at your email address which is registered in UIDAI.

    After 10 minutes from submitting application see status of E-PAN and download the same.


# PROCESS OF DOWNLOAD OF PAN:
How to check status and Download E-PAN ?

Step - 1 :

Visit the official e-filing home page of the IT department (https://www.incometaxindiaefiling.gov.in/home). Click here

after Click on the ‘Instant PAN through Aadhaar


Step - 2 :

Click on the ‘Check Status/Download PAN’ button.


Step - 3 :

Enter your valid Aadhar number and captcha code. Click on the ‘Submit’ button.



Step - 4 :

Validate your request by entering the OTP received on your registered mobile number within the specified time limit. Click on the ‘Submit’ button.



Step - 5 :

You will be redirected to a new page where you can check the status of your PAN allotment request.In case the PAN allotment was successful, a PDF link will be generated within 10 minutes to download your PAN file.


          ( One Step towerds Digitalization )

          --- Building a Strong Society ---
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