direct taxes
This query is : Resolved
14 March 2008
i.e surlplus of transfer in case of depriciable assets over and above the W.D.V. as per sec. 43(6) .
Balance charge is taxable under section 41(2) in the previous year in which sale price, insurance, salvage or compensation money becoming due. , if any additional compensation is received. it will be taxable in the year of receipt - CIT v/s United Provinces Electric Supply co. [2000] 100 taxman 134(SC)
Balance charge is taxable under section 41(2) in the previous year in which sale price, insurance, salvage or compensation money becoming due. , if any additional compensation is received. it will be taxable in the year of receipt - CIT v/s United Provinces Electric Supply co. [2000] 100 taxman 134(SC)
14 March 2008
Mr.Pushpendra is correct.
14 March 2008
Section 50A does not use the word balancing charge. It only says what should be the cost of acquisition in the case of depreciable asset.
The balancing charge results if the amount is negative while computing the figure u/s 41 (2)
The balancing charge results if the amount is negative while computing the figure u/s 41 (2)
14 March 2008
THE VIEWS OF EXPERTS ARE CORRECT
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
- About TDS & Income Tax
- Scrutiny and reopening of past returns
- Tax on Deemed Capital Gain
- F & O PROFIT REPORTING FOR AY 2026-27
- Exiting partner in partnership firm in gst portal
- Type of Capital Gain
- Booth for sales promotion
- Regarding ITR filing with more value than showing in AIS/TIS
- LIABILITY ADJUSTMENT
- IT returns for fresh job holders
- Housing Society-ITR5
- NRI INSURANCE ADVISOR
- TDS on Rent received on redevelopment of building
- Indian IT Portal issue in computing tax as per UK-India DTAA
- Capital Gains on sale of residential flat
- Upload Level ValidationITR3Category of Defect B/D
- PF Taxable Income
- Clarification on Tax Audit Applicability and Reporting of F&O Transactions in ITR-3
- Interest credited in FY2025-2026 & TDS therein by EPFO does not reflect in AIS or Form 26AS
- 44ad eligble money lending interest
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
