Sale of Asset
This query is : Resolved
28 June 2010
Hello,
Original cost of asset sold :Rs415000
WDV of asset sold as on :Rs.334092
Asset sold for Rs 25500/-
the depreciation has been provided as per Companies Act,1956
Will the loss on sale of asset be allowed as per Companies Act for the company?if yes,what would be the amount of Loss?
Thanks & regards
Original cost of asset sold :Rs415000
WDV of asset sold as on :Rs.334092
Asset sold for Rs 25500/-
the depreciation has been provided as per Companies Act,1956
Will the loss on sale of asset be allowed as per Companies Act for the company?if yes,what would be the amount of Loss?
Thanks & regards
02 July 2010
In the profit and loss account of the Company as per the companies act, there will be a loss of Rs. 3,08,592.
As per Income tax, the depreciation is considered on block of assets concept and hence the position will differ.
As per Income tax, the depreciation is considered on block of assets concept and hence the position will differ.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- About TDS & Income Tax
- Section 194JA & JB Income which ITR Form to use
- PPF interest-As Exempt Income disclosure
- Scrutiny and reopening of past returns
- Pass word to open justification report for Q1 for FY 2026-27
- Tax on Deemed Capital Gain
- Regarding ITR filing with more value than showing in AIS/TIS
- Booth for sales promotion
- F & O PROFIT REPORTING FOR AY 2026-27
- Type of Capital Gain
- Exiting partner in partnership firm in gst portal
- Taxability of credit in canara bank ET & T section (NRO)
- Consequences of Non-Deduction of TDS under Income Tax???????????????
- Indian IT Portal issue in computing tax as per UK-India DTAA
- Capital Gains on sale of residential flat
- Upload Level ValidationITR3Category of Defect B/D
- PF Taxable Income
- Clarification on Tax Audit Applicability and Reporting of F&O Transactions in ITR-3
- Interest credited in FY2025-2026 & TDS therein by EPFO does not reflect in AIS or Form 26AS
- 44ad eligble money lending interest
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
