Our Company is Sold a car As per Companies Act It is Showing A Profit of 167500 we are Charged to P& L Account. Now My Question is The same Profit is Deductible Or Not for in the Computation Of Tax Please Guide Very Urgent
28 September 2010
For income tax purpose, taxable income is to be determined by using section 43(6)(c)(B) or section 50 whichever is applicable in the cited case.
28 September 2010
The Block Contains Other Assets Also. As per Companies act Calculation Of WDV is Less Than the Sale Value So it Will Arise Profit
But In Case of Income Tax Act The WDV is More Than The Sale Value It Will Arise Some 5000 Loss.
My Question Is The Block Contains Some Other assets In The Same Block So The Capital Gain will Not arise. Previously The Profit as per Companies Act Credited To P & L account Now in The Tax Computation Shall I Deduct The Tax From Book Profit Or Not Thanks & Regards
CAclubindia
