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..
Message likes :
1 times
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.
Message likes :
1 times
02 January 2017
thank u Sir..
Message likes :
1 times
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
- House Property Reporting in ITR
- Refund Annexure-B
- TDS Claim year
- Liable to deduct tds and 44ADA
- TDS Challan Code
- Nomination of Bank for refund in itr 2
- Section 56(2) of the Income tax Act 1961 , Gift to relative .
- Refund of 20%pre-deposit paid for stay application
- Rent lease agreement
- Entries in AIS regarding sale of units and shares
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
- Regarding change in correspondence address in SSP portal
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
