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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IMPORTANT ANNOUNCEMENT OF CHARTERED ACCOUNTANT EXAMINATIONS, NOVEMBER 2020 POSTPONED

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 IMPORTANT ANNOUNCEMENT

13th October,2020




  The Examination Department of the Institute of Chartered Accountants of India has announced that CA Examination November,2020 postponed. The Date of CA examination reschedule by the ICAI due to 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 and Coronavirus pendemic situation. ICAI always takes decision to  keep in centre CA Students interest. This is good news for CA students.


The ICAI  has now been decided that the Chartered Accountant Examinations earlier scheduled from 1st November 2020 to 18th November 2020: now to be

held from 21st November, 2020 to 14th December, 2020. 

   Foundation courses examination will be commences from 8th December,2020 , Intermediate / IPCC Courses examination will be commences from  22nd November,2020 and Final Courses examination will be commences from 21st November,2020.


ICAI official notification / important announcement as below:


You can also check through Official site ( http://icai.org/category/announcements )
Click here









 

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