Income tax

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

23 September 2014 If asset is sold and we got profit on sale of asset.can we credit this profit in p&l a/c as per companies Act??? and
1)what will be the treatment for the same in income tax act.
2)what will be the treatment if block of asset becomes nil as per income tax and how should we disclose the same while computing Net tax payable
Plz clarify

Nikhil Kaushik

Nikhil Kaushik (Expert)
Follow

05 October 2014 for tax treatment, refer section 50 of the Income-tax Act, 1961

For companies Act, its just normal profit and will continue to be reflected in the P&L A/c

Querist : Anonymous

Querist : Anonymous (Querist)

15 October 2014 Dear Nikhil
Thank you