Wdv as per it act or companies act at the time of sale of fa
This query is : Resolved
10 September 2019
What WDV to be considered as per income tax act or companies act at the time of sale of fixed assets of vehicle. please advice
12 September 2019
Under books of accounts, the profit/loss from sale of fixed assets is accounted considering WDV as per companies act.
For calculation of income for income tax, reduce the sale proceeds from the depreciation schedule from Vehicle's block of asset.
The above answer is based on the assumption that the the vehicle is sold by a company.
For calculation of income for income tax, reduce the sale proceeds from the depreciation schedule from Vehicle's block of asset.
The above answer is based on the assumption that the the vehicle is sold by a company.
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
- EPF ECR NEW FILE SEP 17TH 2026
- Gst registered proprietorship firm
- TDS Challan - change of FY 2025-26 to TY 2026-27
- AUDITOR APPOINTMENT FOR THE YEAR ENDING MARCH 27
- SALARY CAN BE CAPITALIZE
- TDS on Fixed Assets purchased
- TDS on purchase of under construction property from a reseller
- GST Intimation due to Government took possession of Business Premises under PPE Act
- Capitalgain tax purposes for valuation report compulsory
- Non filing of I T Returns
- TAX AUDIT ON PROFESSIONAL INCOME
- Under marginal scheme
- Import of Software Service.
- Clarification Requested: Gift → NRO → NRE → Overseas Transfer - USA/CANDA (FEMA & Tax Compliance)
- GST on Renting godown to KFCSC for Storage of Raagi
- How to Handle Active E-Invoices in GST Portal Deleted from Tally?
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Goods sold but invoice not issued
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
