Profit on sale of fa as per books, no profit as per it act.

Dear Shivam,

this is not my query,

Dear, My query is wherefrom  to deduct the profit on sale of car in ITR-6 as it is not taxable because the block of assets exist, so that no query/ deficiency notice is received from CPC, Bangluru. 

Anyone else may kindly advise.

regds

sir u need not to show it under itr-6 as income as ur block exists, rather show under depreciation calculation as 'assets sold during the year' from the block thats it and provide depreciation on remaining value only.

For any query u can pm directly to me.

Dear Mr. Luvish,

Probably you have not gone through my query properly 

Dear, My query is wherefrom  to deduct the profit on sale of car in ITR-6 as it is not taxable because the block of assets exist, while the same is shown in P&L A/c as 'Profit on sale of car' as per the accounting principles.

If we dont adjust(deduct) in ITR - 6, company has to pay tax on it, which actually is not liable as per income tax act and as per income tax rules in ITR - 6 form their is no specific column or tab which provides such type of adjustment (deduction).

Any other expert may please throw some light.

Thanks & Regards.

Dear Mr. Luvish,

Probably you have not gone through my query properly 

Dear, My query is wherefrom  to deduct the profit on sale of car in ITR-6 as it is not taxable because the block of assets exist, while the same is shown in P&L A/c as 'Profit on sale of car' as per the accounting principles.

If we dont adjust(deduct) in ITR - 6, company has to pay tax on it, which actually is not liable as per income tax act and as per income tax rules in ITR - 6 form their is no specific column or tab which provides such type of adjustment (deduction).

Any other expert may please throw some light.

Thanks & Regards.