Book value

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Imran Anim (Querist)
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11 May 2015 Hello. You are kindly requested to help me in calculation of book value of all fixed assets in order to evade maximum income taxes. Actually i belong to lare manufacturing industry firm which posseses number of fixed assets, and among them we disposed assets viz vehicles, and at the end of financial year, we came to know that there has been a capital gain over these assets as the book value furnished to sales tax was quite less. Please tell the procedure how to keep check over this in near future and with what method to calculate book value?

Soumitra Basu

Soumitra Basu (Expert)
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21 June 2015 DO NOT TRY TO EVADE TAX. TRY TO PLAN THE AFFAIRS AS YOU CAN AVOID TAX. THERE ARE LOT OF PROCEDURES. ONE SUCH IS PURCHASE AN ASSETS UNDER THE SAME RATE OF DEPRECIATION ON THAT FINANCIAL YEAR IN WHICH YOU SOLD THE ASSET.