Queries.....
This query is : Resolved
06 July 2015
I have Following queries :-
I. Why Depreciable assets are always short term, what is the Reason behind that?
II.Why profit & loss on sale of fixed assets is adjusted in block itself? Why accounting treatment on sale of asset is different from income tax?
III. Why speculation in shares is allowed by SEBI?
IV. Why speculation Loss is not allowed to be adjusted against normal profits?
thanks in advance. plz reply soon
I. Why Depreciable assets are always short term, what is the Reason behind that?
II.Why profit & loss on sale of fixed assets is adjusted in block itself? Why accounting treatment on sale of asset is different from income tax?
III. Why speculation in shares is allowed by SEBI?
IV. Why speculation Loss is not allowed to be adjusted against normal profits?
thanks in advance. plz reply soon
06 July 2015
I had 2 flats adjacent which I had joined and purchased in 2006 then I sold them in 2008 resulting into STCG of 12 lacs. Then I bought another flat in 2011. I had not filed any return till date as my income used to be below lowest slab. please show me a way out.
06 July 2015
you are not required to file returns for year in which the income was below exempted limit. But you should have filed return in 2008.
06 July 2015
I Since depreciation is charged on these assets to revenue any gain has to go P&L hence it is treated as short term.
II For simplification of depreciation working in income tax block wise concept is introduced. In the books of accounts asset wise details are maintained where as no such details in block wise depreciation.
III To boost capital market.
IV Speculative loss should not eat away the tax on normal profit.
II For simplification of depreciation working in income tax block wise concept is introduced. In the books of accounts asset wise details are maintained where as no such details in block wise depreciation.
III To boost capital market.
IV Speculative loss should not eat away the tax on normal profit.
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