Treatment of sale of depreciable asset in income tax and companies act
This query is : Resolved
02 October 2023
As per section 50 of the income tax act if the block still exists, the sale of asset will not be taxable.
But when we sell a particular asset the will be profit or loss in the P&L a/c.
I want to ask the taxation of the profit shown in the books.
and if not taxable , how should we show it in ITR 6, should i even show it in P&L ?
But when we sell a particular asset the will be profit or loss in the P&L a/c.
I want to ask the taxation of the profit shown in the books.
and if not taxable , how should we show it in ITR 6, should i even show it in P&L ?
02 October 2023
Show it in P&L in the books, while income tax computation exclude it from taxable income.
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02 October 2023
Thank you for the answer sir.
Can you please tell me how i can exclude this income from ITR 6,
I tried looking in schedule BP and Schedule other information, but i did not find a column that excludes income from profit and loss and does not show it anywhere else.
Once again thank you for the help
Can you please tell me how i can exclude this income from ITR 6,
I tried looking in schedule BP and Schedule other information, but i did not find a column that excludes income from profit and loss and does not show it anywhere else.
Once again thank you for the help
02 October 2023
Go to schedule BP and exclude it.
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