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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THE RAIL WHEEL FACTORY (RWF) HAS BEEN CREATED HISTORY BY ROOLS OUT 4 MILLIONTHS WHEEL AS ON 21/10/2020 : MAKE IN INDIA

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 THE RAIL WHEEL FACTORY (RWF) HAS CREATED HISTORY BY ROOLS OUT 4 MILLIONTHS WHEEL


The Rail Wheel Factory (RWF) in Karnataka at Yelahanka has created remarkable history by producing 4 millionths (40 lakhs) wheels on Wednesday dated 21/10/2020.  Since it's inception, RWF has built 4 millionths (40 lakhs ) wheels for the railway. 

By this achievement it's proove that India mooves towards 'Be Vocal for Local' initiative.

Also, By manufacturing 4 millionths wheels in 40 years it's set an example of Make in India and Aatmanirbhar Bharat Initiative. 

This factory uses cast steel technology in the manufacturing of wheels which utilizes scrap steel collected from Railways' own workshops as raw material. The products (Wheels, Axles and wheel sets) are engineered with little scope for human errors.

Rail Wheel Factory, Yelehanka (RWF) (also known as Wheel and Axle Plant) is a manufacturing unit of Indian Railways, producing wheels, axles and wheel sets of railroad wagons, coaches and locomotives for the use of Indian Railways and overseas customers is situated at Yelahanka, Bangalore in the Indian state of Karnataka.

The Minister of Railways and Minister of Commerce and Industry in the Government of India Shree Piyush Vedprakash Goyal has also gives this news by their official Facebook Account is given below:






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