Deletion of fixed assets
This query is : Resolved
18 August 2013
Dear Members,
I've a querry that ,if an assessee has sold his part of block assets then whether it is to be teated without individual identity or with induvudual identity.Then from
a) Income Tax point of view
b) Accounting point of view
I've a querry that ,if an assessee has sold his part of block assets then whether it is to be teated without individual identity or with induvudual identity.Then from
a) Income Tax point of view
b) Accounting point of view
18 August 2013
Any block of asset appearing in the Balance Sheet then value of each assets has to be determined and accordingly any profit or loss is to be booked. If the price is above the original cost then capital gain is to be treated for income tax purpose but in the accounting total book value minus consideration received is to be treated as profit or loss as the case may be and is to be shown in the books but at the time of calculation of the taxable income that profit or loss as per books is to be deducted and actual profit or loss or capital gains is to be taken into consideration and accordingly the tax is payable.
18 August 2013
a) Sale value may be deducted form the block for the purpose of income tax meaning thereby individual identity can be ignored.
b) Individual identity has to be taken care of and profit/loss may be accounted item wise.
b) Individual identity has to be taken care of and profit/loss may be accounted item wise.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Refund Annexure-B
- Liable to deduct tds and 44ADA
- Sale of Equity shares for Purchase of Residential Property
- Nomination of Bank for refund in itr 2
- Section 56(2) of the Income tax Act 1961 , Gift to relative .
- ECO SUPPLY REPORTIONG IN GSTR-1
- Is Interest applicable for payment made through credit ledger vide DRC03 for FY 2020-21 & 2021-22
- CCFS 2026 Schemed
- Subscription paid to foreign customer
- Two seprate Invoice needed
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
- Regarding change in correspondence address in SSP portal
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
