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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Relaxation of additional fees and extension of last date of filling of CRA-4 (form for filing of cost audit report) for FY 2019-20

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One Important Announcement has been issued by The Corporate Laws & Corporate Governance Committee of The Ministry of Corporate Affairs regarding Relaxation of additional fees and extension of last date of filling of CRA-4 (form for filing of cost audit report) for FY 2019-20. The announcement is below.

ANNOUNCEMENT

Sub: Relaxation of additional fees and extension of last date of filling of CRA-4 (form for filing of cost audit report) for FY 2019-20

Considering the difficulties faced by the corporates and professionals due to the continued disruption in certain parts of the country and to provide greater Ease of doing business, the Ministry of Corporate Affairs, GOI has clarified via Circular No. 38/2020 dated 1st December, 2020 that in view of large scale disruption caused by the Covid-19 pandemic, it has been decided to extend the date for submission of cost audit report for the financial year 2019-20 by the cost auditor to the Board of Directors of the Companies from 30th November, 2020 to 31st December, 2020.


Also, Circulars issued by the Ministry of Corporate Affairs as follows:





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