Income tax
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
29 November 2013
if we sale a non depreciable assets, then profit on sale of that assets should credited to p/l a/c or capital reserve? whether this profit should consider for calculation of minimum alternative tax?
29 November 2013
profit on sale of fixed assets should be recognised through P&L a/c. as per AS-10.
Further, Book Profit shall not be reduced for profit on sale of fixed assets credited to p&l a/c.
Further, Book Profit shall not be reduced for profit on sale of fixed assets credited to p&l a/c.
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