Suggest best option for Fixed assets standing at residual value in books of accounts. To be sold as scrap or to be written off.
Suggest best option for Fixed assets standing at residual value in books of accounts. To be sold as scrap or to be written off.
Best practice will be Write off from books and when ever you actually sold book as other income in p&l.
But in that case i have to reverse the ITC claimed pursuant to section 17(5)(h) of the CGST Act, 2017
Dependingnon the asset. Useful life of asset.
Naveen Fintech Pvt Ltd
Kolkata
CA Inter
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Gupta Sachdeva & Co. Chartered Accountants
New Delhi
CA Final
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CAclubindia
