Disallowance in the case of loss on sale of fixed asset
This query is : Resolved
25 February 2022
I would like guidance in the following issue.
An asset is sold for 12,50,000/- where as its WDV in the Books of Accounts showed a balance of Rs.13,47,000/- thus the balance of the WDV was debited to P&L as "Loss on sale of fixed asset".
What are the necessary disclosures/disallowances in Income computation and Tax audit report.
Thanks in advance.
An asset is sold for 12,50,000/- where as its WDV in the Books of Accounts showed a balance of Rs.13,47,000/- thus the balance of the WDV was debited to P&L as "Loss on sale of fixed asset".
What are the necessary disclosures/disallowances in Income computation and Tax audit report.
Thanks in advance.
25 February 2022
Loss on sale of fixed assets to be disallowed. Income tax Depreciation to be calculated considering credit of sale value to block of assets.
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