Deferred tax calculation on profit on sale of fixed asset
This query is : Resolved
Quick Summary
Sulafa S.V
(Querist)
28 December 2023
Sir, Can you please tell me what is the treatment of profit on sale of fixed asset in income tax as well as in the books of a company?
Is this included on deferred tax calculation?
Please help me on this.
Is this included on deferred tax calculation?
Please help me on this.
CA R SEETHARAMAN
(Expert)
29 December 2023
In the books of accounts it's treated as profit on sale of fixed assets.
For the purpose of income tax sale value is credited to block of assets.
It will be included for deferred tax calculation.
For the purpose of income tax sale value is credited to block of assets.
It will be included for deferred tax calculation.
Sulafa S.V
(Querist)
02 January 2024
Thank you for your reply sir
CA R SEETHARAMAN
(Expert)
02 January 2024
You are welcome...
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