Profit on sale of assets
This query is : Resolved
17 May 2009
As per IT Act Profit on sale of asset(when it is in Gross Block untill entire block disposed) is not recognised in books.But in companies such profit is recognised in books under the head profit sale of asset.I was confussed for giving treatment in my books(Engineering Staff college of India)?Plz suggest me!
17 May 2009
1. Prepare your book as per company act.
2. make adjustment as per Income tax act while preparing your return...e.g. Depreciation schedule.
3.Thats why provision of MAT was introduced
2. make adjustment as per Income tax act while preparing your return...e.g. Depreciation schedule.
3.Thats why provision of MAT was introduced
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