Deletion of fixed assets
This query is : Resolved
18 August 2013
Dear Members,
I've a querry that ,if an assessee has sold his part of block assets then whether it is to be teated without individual identity or with induvudual identity.Then from
a) Income Tax point of view
b) Accounting point of view
I've a querry that ,if an assessee has sold his part of block assets then whether it is to be teated without individual identity or with induvudual identity.Then from
a) Income Tax point of view
b) Accounting point of view
18 August 2013
Any block of asset appearing in the Balance Sheet then value of each assets has to be determined and accordingly any profit or loss is to be booked. If the price is above the original cost then capital gain is to be treated for income tax purpose but in the accounting total book value minus consideration received is to be treated as profit or loss as the case may be and is to be shown in the books but at the time of calculation of the taxable income that profit or loss as per books is to be deducted and actual profit or loss or capital gains is to be taken into consideration and accordingly the tax is payable.
18 August 2013
a) Sale value may be deducted form the block for the purpose of income tax meaning thereby individual identity can be ignored.
b) Individual identity has to be taken care of and profit/loss may be accounted item wise.
b) Individual identity has to be taken care of and profit/loss may be accounted item wise.
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