Computation of business income
This query is : Resolved
12 September 2011
There is a loss on disposal of fixed assets, the block of assets doesn't cease to exist,
the above loss is to be disallowed under which section in order to compute taxable business income?
Regards
Shreya
the above loss is to be disallowed under which section in order to compute taxable business income?
Regards
Shreya
12 September 2011
If the block doesn't cease, loss should not be recognizes. Instead ,sale value should be reduced from the block WDV and to be depreciated at the prescribed rate on the so called reduced WDV.
12 September 2011
I would be claiming depreciation on net WDV only,
i.e. the benefit of claiming depreciation on Gross WDV is reduced to Net WDV post reducing sale consideration...
is there any other way that the Loss on sale be reflected in computing the total income?
i.e. the benefit of claiming depreciation on Gross WDV is reduced to Net WDV post reducing sale consideration...
is there any other way that the Loss on sale be reflected in computing the total income?
12 September 2011
The law doesnot permit for any other way out.
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