I am an individual and have sold some depriciable assets and had profit on it which is reflecting in my P/L account. Also my block of that assets is still in existence.
25 August 2016
Income Tax has Block System, If You Block value is More than Asset Sold the No Profit will be taxable and it will be deductable from your block only.
25 August 2016
That means I will not book any profit in my books and the entry for sale of said assets should be as under: Bank acc. dr to fixed assets acc. cr Kindly clear my doubt.
CAclubindia
