i doing audit of one proprietory business, there is loss on sale of asset which is trfr to profit & loss a/c is that ok??? where it should be transfer
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Income tax - about loss
Replies (9)
as per accounting it is right .
yes it is correct if the asset exists in the books
as per IT act Is This OOKKKK???? plz repli
yes it can be done .
rectify me if i am wrong
it is sale of truck, but block of truck is exists on 31.03.2011, so what is your thinking about it??
if block is still exists than no loss can be claimed and the value of block will be decreased will sale amount
so if vehicle wdv as on 31.03.2010 is 500000 out of which 1 vehicle sold for 100000 value of that 150000, if there is any entry for loss of 50000, or block will remain rs.400000 before depreciation.
block will remain as 400000 at 31-3-11
no entry of loss
ok thax for shring
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