depreciation and booking of loss in tax audit
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
13 July 2010
An assessee has different assets of 15% dep. One of the asset truck of 15% having opening wdv of rs.315000.Assesse sold it for 250000 on 15th september.plz tell me how to charge depreciation and how loss be booked.
13 July 2010
If you have an assets in the same block, deduct the sale proceeds from the block and charge depreciation on the balance amount. If no assets left in the block, the gain/loss on sale of assets will be treated as short term profit/ loss.
Querist : Anonymous
Querist :
Anonymous
(Querist)
13 July 2010
what is the meaning of block ? If it is included by % of dep. then 90% of assets belong to 15% criteria. will we see individual asset like truck, car , electrical equipments seperately?If yes then it will be a loss .plz reply.......
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