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

ICAI Important Announcement: Advanced ICITSS - Adv. IT Test in Computer Based Mode

-

 ICAI IMPORTANT ANNOUNCEMENT


The Institute of Chartered Accountants of India has been decided to conduct Advanced ICITSS - Adv. IT Test – in Computer Based Mode on Tuesday, the 10th November, 2020 from 10.30 AM to 12.30 PM (IST).

The computer based test will be held at the following cities provided sufficient number of candidates offer themselves to appear in the test, from the said cities. ICAI reserves the right to cancel the centre and allot the candidates to any centre / city other than the one he / she has opted for, in case the number of candidates who opt for appearing in that particular city / centre is not adequate. 

The CBT may be conducted at centers in one or more shift, depending upon the applications received for the center.Exam department will allot to the shift on first come first server basis and as per applications received and seats available at the centre. No change in shift or center requests will be entertained.👇




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

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

-
Image
  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....
Read more