Suggest best option for Fixed assets standing at residual value in books of accounts. To be sold as scrap or to be written off.
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ACCOUNTING TREATMENT FOR FIXED ASSETS STANDING AT RESIDUAL VALUE
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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.
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