Treatment of sale of depreciable asset in income tax and companies act
This query is : Resolved
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 ?
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
Show it in P&L in the books, while income tax computation exclude it from taxable income.
Message likes :
1 times
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
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
02 October 2023
Go to schedule BP and exclude it.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Is this income indian or foreign income?
- ITC temporary reversal and reclaim
- Applicable TDS rate for sale of property in Nov 2024
- Inventory of finished goods
- Tds on building rent monthly
- REGARDING 25 AS DATE OF PAYMENT AND DATE OF BOOKING
- Confusion around Form 26QB fields
- Can we claim ITC of Feb-2024 in the month of November-2024 which was not claimed by oversight
- Sale of property furniture sale
- RCM INVOICING FROM NOV-2024
- Clarification on Documentation of Paid-Up Capital Contribution by Directors
- TDS under section and rate of TDS
- GST input on scooter purchased
- TDS under section 194Q and TCS under section 206C
- GST input on car insurance and repairs
- GST input on Diwali gift to employee
- GST input on Mobile Handset
- Material and freight in same invoice
- TDS under section 194J inclusive of reimbursement of expenses
- TDS on Material and Labour in same invoice
Trending Online Classes
CAclubindia
