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Wdv as per it act or companies act at the time of sale of fa

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(Querist)
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
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Deepali

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Deepali (Expert)
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.
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