Loss on sale of assets
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
21 August 2012
I am having a private limited company.I had sold part of my computers from the total block in loss. Whether i should debit loss to profit and loss account or any other method should be applied as block of asset is still available.
Amol S Joglekar
(Expert)
21 August 2012
you need to go by 'block of asset' for the purpose of income tax. The treatment under companies act shall be by debiting the loss to profit and loss account.
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