Direct tax

This query is : Open

Querist : Anonymous

Querist : Anonymous (Querist)

23 December 2013 dear sir,
book value of laptop is rs 40000. now the laptop has been sold for the same price. wat will be the tax treatment in books & as per It act.

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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23 December 2013 in accounts u need to find out wdv by deducting dep from cost and then compare it with wdv and find profit.

for tax no capital gain.

Querist : Anonymous

Querist : Anonymous (Querist)

23 December 2013 as per accounts only the value is 40000

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CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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23 December 2013 what is the cots and wdv after dep?

Ganeshbabu K

Ganeshbabu K (Expert)
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23 December 2013 Dr.Accumulated depreciation on Asset A/c
Dr.Loss on sale of AssetA/c
Cr.Fixed Asset A/c
Cr.Profit on sale of Asset A/c

Querist : Anonymous

Querist : Anonymous (Querist)

27 January 2014 Dear Sir/ Madam,

I had A query regarding disallowance of expenditure u/s 14A of the I.T. Act.

I want to know that i am not claiming diving as my exempt income. it has been added with my business income. so i m not getting any benefit. so 14A should not apply as i m not deriving any benefit.

Please give your views & if possible den support your ans with case laws also