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Profit on Sale of Machinery

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Querist : Anonymous

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Querist : Anonymous (Querist)
08 December 2010 Plz. answer ASAP the followings:-

1)Profit on sale of Machinery is shown in the CR.side of P/L a/c as income or transferred to Capital Reserve- which is Logical ?

2)What is Taxation for Tea Industries- is it Tax free as Agricultural income or treated something differently ?

3)Is Tea Industry is covered under Excise Duty ?

4) Is DIAMOND RULE is accepted as a Accounting Principle in our Country or NOT?
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Nirpendra Singh

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Nirpendra Singh (Expert)
08 December 2010 1.) No dear its wrong treatment as per Accounting standard.it should be t/f to P& L a/c
2)You will follow Presumptive Rate Taxation.
3.)Yes
4.) plz elaborate it
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CA Dhiraj Ramchandani

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CA Dhiraj Ramchandani (Expert)
08 December 2010 1) such profie credited in P & L... 2) i dnt remember the section properly, but such tea, rubber, coffee industries profits r not purely agriculture.., but considered as business profit...
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