sale of import license is taxable in which head?
it's profit is taxable in PGBP head but where is the sale proceeds taxable ?
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Sale of import license
Replies (3)
suppose take a trading business, on sales you are paying any taxes, no ryt. you are paying only on net profit.
same is the case here. profit on sale of import licence is taxable under the head PGBP. ( original cost - sale proceeds you are accounting it here na)
correct me if i am wrong
no i think u are correct...since always net income is taxable as we study in whole IT Act 1961.
i.e taxable income=sales consideration-cost
how can we treat sale of import license under pgbp
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