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Q. > Please Help: INCOME TAX
Respected Sir,
Please suggest me on the following Query of Section 40(A)3 of income
tax act-1961
As Per Section 40A(3)(a) of the Income-tax Act, 1961 any expenditure incurred in respect of which payment is made in a sum exceeding Rs.20,000/- otherwise than by an account payee cheque drawn
On a bank or by an account payee bank draft, shall not be allowed as a
deduction
My query on this section is as follow:-
Is this Section 40(A) 3 applies on Depreciation on Fixed Assets which is purchased in Cash above 20000?
If the answer of above question is yes, then can we claim Depreciation on that fixed assets in subsequent year or not?
Let’s assume that we have incurred a expenses of Rs. 30000 and received the bill of same amount but we made payment of Rs. 15000 at once and another 15000 at another date then in that case if this section applicable or not?
Is this section applies on capital expenditure (Which is allowed as deductible) under income tax act?
answered Sep 06, 2013 by Vaneet Gupta , Delhi
As per me this is not applicable to fixed assets.
Being Sec 40(A)3 is in context of expense not capitalised assets.
answered Sep 06, 2013 by Vaneet Gupta , Delhi
As per me this is not applicable to fixed assets.
Being Sec 40(A)3 is in context of expense not capitalised assets.
answered Sep 06, 2013 by Vaneet Gupta , Delhi
As per me this is not applicable to fixed assets.
Being Sec 40(A)3 is in context of expense not capitalised assets.
answered Sep 06, 2013 by Vaneet Gupta , Delhi
As per me this is not applicable to fixed assets. Being Sec 40(A)3 is in context of expense not capitalised assets.
answered Sep 06, 2013 by Vaneet Gupta , Delhi
As per me this is not applicable to fixed assets.Being Sec 40(A)3 is in context of expense not capitalised assets.
answered Sep 07, 2013 by SUBHASH KUMAR JHA , Darbhanga
ACCORDING TO SECTION 40(A)3 OF INCOME TAX ACT IF ANY EXPENSES CONSISTING MORE THAN Rs.20,000 HAS BEEN PAID BY ASSESSEE IT WILL BE DISALLOWED .BUT IN YOUR CASE MORE THAN Rs.20,000 HAS BEEN PAID FOR ACQUISITION OF FIXED ASSESTS SO U CAN'T BE DENIED IT WILL BE ALLOWED TO U
answered Sep 07, 2013 by SUBHASH KUMAR JHA , Darbhanga
ACCORDING TO SECTION 40(A)3 OF INCOME TAX ACT IF ANY EXPENSES CONSISTING MORE THAN Rs.20,000 HAS BEEN PAID BY ASSESSEE IT WILL BE DISALLOWED .BUT IN YOUR CASE MORE THAN Rs.20,000 HAS BEEN PAID FOR ACQUISITION OF FIXED ASSESTS SO U CAN'T BE DENIED IT WILL BE ALLOWED TO U
answered Sep 07, 2013 by SUBHASH KUMAR JHA , Darbhanga
ACCORDING TO SECTION 40(A)3 OF INCOME TAX ACT IF ANY EXPENSES CONSISTING MORE THAN Rs.20,000 HAS BEEN PAID BY ASSESSEE IT WILL BE DISALLOWED .BUT IN YOUR CASE MORE THAN Rs.20,000 HAS BEEN PAID FOR ACQUISITION OF FIXED ASSESTS SO U CAN'T BE DENIED IT WILL BE ALLOWED TO U
Experts Panelist
Comments
SUBHASH KUMAR JHA
07-Sep-2013 , 11:06:30 amACCORDING TO SECTION 40(A)3 OF INCOME TAX ACT IF ANY EXPENSES CONSISTING MORE THAN Rs.20,000 HAS BEEN PAID BY ASSESSEE IT WILL BE DISALLOWED .BUT IN YOUR CASE MORE THAN Rs.20,000 HAS BEEN PAID FOR ACQUISITION OF FIXED ASSESTS SO U CAN'T BE DENIED IT WILL BE ALLOWED TO U