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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Congress veteran Ahmed Patel passes away following Covid complications

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Ahmed Patel, who was the Treasurer of the Indian National Congress, had tested positive for the COVID-19 on October 1

Condolences are coming in from all quarters for senior Congress leader Ahmed Patel who died Wednesday at 3:30 am at Medanta hospital in Gurgaon.

Patel died at the age of 71 due to multiple organ failure after testing positive for Covid-19.

Ahmedbhai Mohammedbhai Patel, better known as Ahmed Patel was an Indian politician and Member of Parliament from the Indian National Congress. He was the political secretary to Congress President Sonia Gandhi.

In a tweet, Faisal said that the Rajya Sabha MP from Gujarat died at 3.30 am on Wednesday.


Sonia Gandhi tweeted that " It is a sad day. Shri Ahmed Patel was a pillar of the Congress party. He lived and breathed Congress and stood with the party through its most difficult times. He was a tremendous asset. We will miss him. My love and condolences to Faisal, Mumtaz & the family."

Grieving the loss of the Congress veteran, PM Modi, Ramnath Kovind, Amit Shah also took to twitter to say that:



   🙏 May God gives peace to their soul 🙏

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