Fixed assets write off
This query is : Resolved
04 January 2017
Dear Experts,
Please explain the treatment of Fixed assets write off in companies act 2013 and Income tax act in below situation:
1: Fixed Assets write off WDV is zero
2: Fixed Assets write off with WDV value Rs.160000/-
(Salvage value is zero)
Please explain the treatment of Fixed assets write off in companies act 2013 and Income tax act in below situation:
1: Fixed Assets write off WDV is zero
2: Fixed Assets write off with WDV value Rs.160000/-
(Salvage value is zero)
04 January 2017
If the assets are sold then u must have to compute depreciation from the date of acquisition of the asset upto the date of sale and then deduct it from the cost of the asset(s) purchased, now deduct the sales price from the remaining value to compute the profit or loss on sale of the asset, and post the entries accordingly.
If u just wanna write it off then just make the entry like depreciation(mention asset written off in place of depreciation).
If u just wanna write it off then just make the entry like depreciation(mention asset written off in place of depreciation).
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
- Depreciation of fixed assets- coop housing society in mumbai
- TDS on Consultancy- Non DTAA
- Reopen of assessment proceeding
- Rental income gst and it purpose
- Management System (IMS)
- Condonation . E-Verification of last year return .
- Eway bill generation from place other than registeted
- FTS Taxable under 115A
- EPF FULL & FINAL RULES IN 2026
- COMMERCIAL INVOICE FOR MATERIAL AND FREIGHT
- Tax Audit u/s 44AB for Transport Business A proprietorship is engaged in transportation business and
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- STATUTORY AUDIT OF A SMALL PRIVATE COMPANY INCORPORATED ON 28.03.2025
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
- Resigning a auditor from the company for misconduct
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
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
