Richa Arora CA Final (article) (70 Points)
03 February 2010An individual carrying business had a depreciable asset its WDV in his books is 600000.Now he has purchased 1300000 asset more & sold an asset for 2950000.Kindly help me out with da calculation of capital gain & tax calculation
Also how to show dis asset in the fixed asset chart
Amir
(Learner)
(4016 Points)
Replied 03 February 2010
Dear Richa,
The above transaction would result into a STCL of Rs. 10,50,000/-, since the WDV of the Block has become negative.
As far as FA chart is concerened the closing wdv of this Block would be "Nil", thereby a footnote indicating the details of the transaction..
C.Balaji
(Learner)
(1867 Points)
Replied 03 February 2010
Mr.Amir i have a doubt in your reply...
Tell me it is STCL or STCG.... I think it is STCG - gain only.....
2950000-1900000=1050000...
am i right or wrong???
Amir
(Learner)
(4016 Points)
Replied 03 February 2010
Dear Balaji,
Thanks Bro, Ya it should be STCG......
Richa Arora CA Final
(article)
(70 Points)
Replied 03 February 2010
Thanks Amir for ur reply..Please guide me about the tax caculation on the same...
Amir
(Learner)
(4016 Points)
Replied 03 February 2010
Dear Richa,
This STCG will be taxable as Normal Income, i:e if it is a case of Individual/HUF then as per Slab otherwise @ 30% in case of Company/firm..
Gowri Roy
(CS)
(25 Points)
Replied 14 February 2010
i want to know if company's net profit is 7,59,067.66 then how should be fill up the form ITR-v as GRoss Total Income is 9,19,067. plz help me how i can gross total income calculate?
Gowri Roy
(CS)
(25 Points)
Replied 14 February 2010
its urgent for me.............
just give me an example to calculate Gross Total Income in ITR-V form. there lots of expenses so how could i recognize them?
Hareesh H Sharma
(Cleared IPCC..now article)
(894 Points)
Replied 14 February 2010
Plz post it as a new query Gowry mam....am sure some1 will help you out...
Amir
(Learner)
(4016 Points)
Replied 14 February 2010
Dear Gowri,
GTI is invariably different from the net profit reported in the Profit & Loss A/c...
Reasons-
1) Different rates of Depreciation under Companies Act & Income Tax Act..
2) There may be many expenses which have been debited to P/L A/c but are dissallowed under Income Tax Act & therefore have to be added back to the figure of net profit...Like "Charity/Donation, Provisions for expenses, Provision/Payment of Income Tax/Wealth Tax, etc
3) Likewise there can be Incomes credited to P/L A/c which are exempt from Tax like Dividends...
CAclubindia
