Home Forum Income Tax Month 9 2023 2023 (9) This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
Ascertainment of Income - Income TaxExtract Dear friends, My client was doing Tanishq franchise showroom. In the month of June 2022, Tanishq company tookover the francise business and paid the following amount. 1. For assets (furniture, computer, interior etc) 1 crore 2. For business loss made by franchise from beginning- Rs.1.5 crore 3. Other service charges paid-Rs.1 crore Now my question is point no.1- the differance between wdv at the beginning of the year 01.04.2022 and Rs.1 crore, can be treated as either profit/ loss. Is it correct? For point no.2- How to account in books, whether i have to pay income tax for entire amount of this Rs.1.5 crore. For point no.3- Whether i can treat it as goodwill and for this also whether i have to pay income tax full? Kindly clarify
|