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Treatment of depreciation

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Querist : Anonymous

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Querist : Anonymous (Querist)
29 September 2014 if assets sold value is
Greater than WDV value
Less Than WDV value
what will tax treatment in income tax
and what treatment as per company act.
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Nikhil Kaushik

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Nikhil Kaushik (Expert)
06 October 2014 for companies act, simply transfer the profit/loss to P&L A/c.

For income-tax, compute the tax liability as per section 50 of the Income-tax Act 1961.

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