Treatment of deletion of assets on wdv as per books and inco
This query is : Open
17 October 2016
Dear sir, kindly solve this puzzled problem. As we know depreciation rate as per companies act (books) and IT act are different. If an asset is transferred in WDV as per books, what value to be deducted as per income tax act. Is the sale value as per books or WDV AS PER IT ACT. Also it is worth to note the point of DEFERRED TAX for the difference betwèen the two had already booked in companies books. Kindly guide me in this regard..
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17 October 2016
The Amount of Consideration you received in any mode (either cash or kind), will be deducted from the block of asset.
Thanks.
Thanks.
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02 January 2017
thank u Sir..
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