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Section 41(2) - Balancing Charge

Income Tax - Profit and Gains of Business or Profession - 64 - SEC - 41(2): BALANCING CHARGE Step I Find out the written down value of the depreciable asset on the first day of the previous year in which such asset is sold, discarded, demolished or destroyed. Step II Find out the sale consideration. It is the actual money and it does not include any other thing or benefit which can be converted in terms of money. If the amount calculated under Step II is more than the amount of Step I, then tax .....

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