20 February 2020
If a proprietor sells its fixed assets at a profit, Example profit before Capital Gain Rs. 5,50,000 after depreciation.Net Profit after Capital Gain is Rs. 5,55,0000. Capital gain computed as follows; WDV Rs.10,000 Less Assets sold Rs.15,000, Capital Gain Rs.5,000.at the same time Block of assets method no capital gain, Block exist, WDV of the block Rs.20,000 Less 15,000, this block include two more items. Tax Computed as follows Net Profit 5,55,000 Less Capital Gain 5,000 Taxable Income 5,50,000. Profit & Loss A/c and Balance sheet Finalises. My query is how the profit from sale of fixed assets add back in Winman Income tax filing Software Please give answer
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