BALANCING CHARGE

Tax queries 2149 views 2 replies

Can any one tell me how to claim ded.Under Section 41(2) for a co.claiming dep.Under Sec.32(1)(III)

Replies (2)

Balancing Charge Is Not Deductible But Taxable U/s Sec.41(2).

Balancing charge is

Sale Consideration - WDV

Maximum upto amount of cost of the assets.

So It is a profit taxable as deemed income u/s 41(2)


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