02 October 2023
As per section 50 of the income tax act if the block still exists, the sale of asset will not be taxable. But when we sell a particular asset the will be profit or loss in the P&L a/c.
I want to ask the taxation of the profit shown in the books. and if not taxable , how should we show it in ITR 6, should i even show it in P&L ?
02 October 2023
Thank you for the answer sir. Can you please tell me how i can exclude this income from ITR 6, I tried looking in schedule BP and Schedule other information, but i did not find a column that excludes income from profit and loss and does not show it anywhere else. Once again thank you for the help
CAclubindia
