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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ICAI Important Announcement for CA Student ,CA Examination November, 2020

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 ICAI announced one most important announcement for the CA students, who appeared in November Examination ,2020. Announcement in the words of ICAI as given below: 👇


Examination Department

The Institute of Chartered
Accountants of India

8th October, 2020

IMPORTANT ANNOUNCEMENT

The attention of the students who are appearing in November 2020 ICAI examination, in terms of announcement No. 13-CA (EXAM)/N/2020 dated 15th July 2020; is drawn to the following modifications in the schedule announced so far:

  • 1. Students appearing from the examination centers wherein Legislative Assembly Elections in Bihar and Parliamentary By- Elections /Assembly By- Elections announced in different place(s) of different states:
    Vide announcement dated 27th September 2020, ICAI had informed to intimate the revised schedule at such locations for students who had opted for the examination Centre from the State of Bihar and Parliamentary By- Elections /Assembly By- Elections announced in different place(s) of different states to be held in November 2020.

    It is brought to the notice of all such students that said examination, shall now be held on 19th, 21st, 23rd and 25th November 2020 in place of 02nd, 03rd, 06th and 07th November 2020 respectively. It is also notified that the respective papers/list of centres statewise wherein Legislative Assembly Elections in Bihar and Parliamentary By- Elections /Assembly By- Elections announced in different place(s) of different states will be informed separately.

  • 2. Students appearing at Foundation level in November 2020 examinations:
    It is brought to the notice of all students that said examination, shall now be held on 19th, 21st, 23rd and 25th November 2020 and paperwise schedule shall be informed separately.

  • 3. Option to opt out from November 2020 attempt for all levels:
    “Opt Out” option to the students who are suffering from COVID 19 or having symptoms of diseases shall be provided on self-declaration basis and this option shall continue in operation during the conduct of entire November 2020 Examinations. The said scheme shall also be applicable to Centres/place of residence of student which turn out to be the containment zone during the exam dates. They will be allowed to carry forward their candidature with due carryover of all benefits already available to students including fee paid and exemptions for next examination, i.e., May 2021 examination cycle.

  • 4. SOPs for students appearing in November 2020 examination:
    A detailed instruction sheet containing the Do’s and Don’ts for all students appearing in the November 2020 examination is being issued separately.

Please remain in touch with the official website of the Institute www.icai.org for further announcement in this regard.

(S. K. Garg)
Additional Secretary (Exams)

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