Hii, everyone I have one query related fixed assets (Car) sale..
WDV as per companies. Act as on 31.03.2020 == 295750.00
Sale price = 400000.00
Profit=104250
WDV as per IT Act
31. 03. 2020-505750.00
Sale price= 400000.00
Loss. = 105750
What will be the treatment in books and Income Tax...?
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Sale of fixed assets (companies Act & IT Act)
Replies (2)
Treatment in Books
show the profit on sale of FA in P/L and reversing depreciation charged already.
As per IT; deduct the Profit on sale of FA from income from PGBP.
compute CG on sale of Car i.e STCG
show the profit on sale of FA in P/L and reversing depreciation charged already.
As per IT; deduct the Profit on sale of FA from income from PGBP.
compute CG on sale of Car i.e STCG
Thanks 🙏
But will you pls elaborate where to deduct profit on sale of FA in PGBP schedule ... I mean which schedule...column or serial number...???
But will you pls elaborate where to deduct profit on sale of FA in PGBP schedule ... I mean which schedule...column or serial number...???
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