21 August 2019
The WDV of asset block - Car, as on 1.4.18 is Rs 3 lakh ( comprising 2 cars). WDV for car A is 2 lakh & car B is 1 lakh as on 1.4.18. We sold car B for Rs 1.5 lakh on 30.4.18. Thus the profit on sale of car B - Rs 50,000 added to net profit as per Company Act balance sheet. In computation of taxable inome as per income tax act, I understand we have to reduce this 50,000 from income . Please guide how do we do this entry in ITR- 6. I dont find any row in ITR -6 in schedule BP where - profit from sale of depreciable fixed assets- gets reduced from net profit.