Statutory implication on selvage value of assets w/off
This query is : Resolved
Ketan Mehta
(Querist)
23 April 2022
If assets are reached to its selvage value and no longer available physically so the same is w/off in books . What are the implication in such cases with regards statutory laws alike gst/service tax and TDS /TCS and income tax.
does this implication is applicable if the assets not reached to selvage values and physically not available and need to w/off in books.
Experts please advice.
does this implication is applicable if the assets not reached to selvage values and physically not available and need to w/off in books.
Experts please advice.
CA R SEETHARAMAN
(Expert)
23 April 2022
In both the cases write off the assets from the books, it's allowed under income tax law and GST, TDS/TCS not applicable.
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