Please Provide me, Use ful life of Electric Transformer which was claimed in income tax act. at present we are sale out an transformer purchase dtd:27/12/03 rs. 955000/- the depretiation method is SLM.
Please guide me how we are manage its to Excise Purpose & Income Tax purpose if we sale its. becouse its capical itmes, can we are sales its in scrap forms at current market rate.
dont show it is scrap.. but show it is a general sell of capital asset... Book the profit or loss in books . While calculating Tax, your CA will take care about the presentation......Also avail the Excise in the books at the time of removal from the factory....
Subrahmanyam & Sivudu CA Firm
Hyderabad
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Murali and Sumeet Chartered Accountant
Bengaluru
CA Foundation
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