Page 49 - Banking Finance MAY 2017

FEATURES

to a payment, or aggregate of pay- Cost of non-compliance lakhs and the amount is paid in cash.The
ments, made to a person in a day. The If the expense for the purchase of the modes of payments that will be accept-
words used here are significant: the capital asset exceeds the Rs 10,000 able for the purchase of capital assets
limit applies to a single payment or an limit, then it will not be considered as include cheques, drafts, and other elec-
aggregate of payments. It means that the purchase price of the asset. If the tronic modes of transferring money
if the total expense is, say, Rs 25,000, amount is not considered as the cost, through a bank account. Since the
then breaking it up into two parts will bank account is mentioned, an Internet
there will be no question of being al-
not be considered as separate transac- transfer through an online bank ac-
lowed any depreciation on the amount.
tions. It also applies to a single person. count would be covered, and so would
This cuts off the benefit right at the
the electronic modes of payment like
So if the payments are made to two dif- source and hence is something that
ferent entities, then this restriction will needs to be thought about carefully. NEFT and RTGS.
not apply. Finally, the most significant This provision will come into effect from While many businesses and professions
detail is that the limit applies to a day. April 1, so there is still some time for already buy capital assets through
Therefore, if the payment is more than businesses and professions to take a look cheque and other modes of payment,
Rs 10,000 but is spread over a couple of at the manner in which they will pur- there are others that pay cash. These
days, the limit will not apply. This may chase assets and ensure that it is not persons or entities will have to change
offer some relief to those entities that done through the cash mode. The cost the way they operate to ensure that for
have to make expenses that are higher can turn out to be high if the purchase them the depreciation benefit remains
than the stipulated limit. price of the asset runs into a couple of intact. (Source : Business Standard)
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