What is the treatement of disposal of fixed asstes
Querist : Anonymous
i have a query regarding treatment of "profit on sale of all block of fixed assets by a private limited company"
i want to know . what is the treatment of profit as per company act or as per income tax act.
its a short term assets...sale within 1.5 year...
Companies Act: Profit or Loss to be transferred to "Profit/Loss on Sale of Assets" from the individual asset accounts.
.
Querist : Anonymous
i also want 2 know that what is the tax rate as per IT act 15% or normal co rate...
DTA/DTL will crate for this or not.....becoz its not a business income..
basically i want to now how to show all of the traction in books.
.
Proper adjustment is required in the DTA/DTL
and accumulated depreciation account , if there be any.
.
In the absence of relevant information it is not possible to deal with all the transactions.
Querist : Anonymous
a private limited company earn 200000 business profit and profit on sale of fixed asset (plant and machinery) is 40000 after accumulated depreciation.
then what is the treatment of this..
.
In the IT Return.
Business Income 200000
STCG ............40000
.
.
Querist : Anonymous
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