Loss on Sale of fixed assets should be added back while computing income under the head PGBP or not. Quote section if any.
Menu
Loss on sale of fixed assets
Replies (2)
As far as i know loss/profit on sale of fixed assets is short term capital gain/loss as per Sec.50and hence it is to be added/deducted from Business Profits.
Because the depreciation is on block assets concept for IT assessments, as long as that block exists there will be no gains or loss for IT purposes. Therefore any book profits will be removed and any book losses will be added back while computing taxable income.
Recent Topics :
- Capital gain on sale of agriculture land
- Demand from TRACES
- FY 2025-26 ITC CLAIM DUE DATE
- 96084000 and 48202000 HSN code ka Tax Rate kya hai
- Clarifications for intra day transactions
- CA FINAL FR FINANCIAL INSTRUMENTS (Ind AS 109) Dou
- 70:30 GST rule for solar EPC: partial scope (struc
- TDS on Redevelopers hardship allowance received no
- Who will take FSSAI AND TRADE LICENSE: owner or te
- E Way Bill in respect of Without Bringing Material
Related Topics :
CAclubindia
