Income Tax Return
This query is : Resolved
13 September 2010
One of our client A PVT LTD CO has a profit on sale of machineries in Books , but the Block is exist after selloing of that machine, please suggest me how should i incorporate this transaction in ITR -6 ,IN OTHER INCOME OR WHERE?
What is the situation if it has a loss?
How the statement of total income is prepared in this case as this is not a capital gain should i treat it as business income?
What is the situation if it has a loss?
How the statement of total income is prepared in this case as this is not a capital gain should i treat it as business income?
13 September 2010
See.. In income tax there is no loss or profit on sale of machinery, if the block exists.
Simply, Sale proceeds is to be deducted from the block.
Simply, Sale proceeds is to be deducted from the block.
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