Treatment of business assets
This query is : Resolved
Ravi kant Verma
(Querist)
18 July 2015
Dear Members, I am currently doing business and earning commission income. In this business I am having some assets on which I use to charge depreciation as per income tax act. But now I don't want to continue this business as I have started earning Salary Income.
I don't make separate books of accounts for the commission Business. All the assets are shown in my personal balance sheet.
What would be the accounting treatment for the fixed assets and how should I treat this for income tax purpose.
I don't make separate books of accounts for the commission Business. All the assets are shown in my personal balance sheet.
What would be the accounting treatment for the fixed assets and how should I treat this for income tax purpose.
CA R SEETHARAMAN
(Expert)
18 July 2015
You can charge depreciation only on commission income earned. Dispose off the asset any loss on disposal can be claimed against commission income.
Ravi kant Verma
(Querist)
21 July 2015
I don't want to dispose the assets rather I want to use it for personal work. So what should I need to do.
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