We are Pvt. Ltd.and charging depreciation on Fixed Asset, we sold this asset within the year, on what basis we calculate profit & what it is the amount of tax liability, the block is standing as on b/s date.
Plez help me
We are Pvt. Ltd.and charging depreciation on Fixed Asset, we sold this asset within the year, on what basis we calculate profit & what it is the amount of tax liability, the block is standing as on b/s date.
Plez help me
If the Sale consideration is more than the WDV of the block, then the profit on sale of asset shall be transferred to the same block of assets, thus the WDV of the remaining assets will be reduced.
If the sale consideration is less than the WDV of the block, then the Loss on sale of Asset shall be transferred to the same block of asset, thus the WDV of the reamining assets will increase.
Vardhaman Group of India
Pimpri Chinchwad
CA Inter
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Shaswat initial support private limited
Ahmedabad
CS
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CAclubindia
