Revaluation reserve
This query is : Resolved
11 November 2013
Dear Sir/Madam,
Whether amount written back to profit and loss account from revaluation reserve is deductible under income tax act?
Thanking you.
Dear Sir/Madam,
Whether amount written back to profit and loss account from revaluation reserve is deductible under income tax act?
Thanking you.
11 November 2013
The amount transferred from revaluation reserve is not a taxable profit so it can be deducted when the net profit is inclusive of such amount.
.
.
12 November 2013
There is no specific section under the Income Tax Act which requires
addition into profit of the revaluation reserve. So it can be deducted in computation directly.
.
addition into profit of the revaluation reserve. So it can be deducted in computation directly.
.
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