Accounting Standered - 22
This query is : Resolved
06 July 2008
one car is sold and there is no other vehicle in this block.
As per Income Tax there is Capital Gain Of Rs. 185444/-.
As per Books of Accounts there is Loss on Sale of Rs.145788/-.
Deffered Tax Liability regarding Total Fixed Assets already exist in the books
of Rs.895485/-.
Current year Depreciation as per A/C is 2500255/- while as per IT is 1955235/-.
How the Gain /Loss on Sale is treated in Deferred Taxation?
Thanks.
As per Income Tax there is Capital Gain Of Rs. 185444/-.
As per Books of Accounts there is Loss on Sale of Rs.145788/-.
Deffered Tax Liability regarding Total Fixed Assets already exist in the books
of Rs.895485/-.
Current year Depreciation as per A/C is 2500255/- while as per IT is 1955235/-.
How the Gain /Loss on Sale is treated in Deferred Taxation?
Thanks.
07 July 2008
Gain or loss on sale of car will be adjusted in the year itself and it is not an item which is to be carried forward to next year. As such, timing difference does not exist on this account. Also, the block as per Income Tax has come to an end and the timing difference on account of depreciation shall also not exist as on the date of B.Sheet and the deferred tax on the same,if any, would have to be reversed.
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