TMI BlogProfit on sale of fixed assetsX X X X Extracts X X X X X X X X Extracts X X X X ..... Respected faculty, I have been very confused regarding taxability on sale of fixed assets. Now since we are preparing depreciation as per companies act , what happens if there is profit on sale of fi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... xed assets. . Do we add the cap gain in net profit and then disallow it in computation of income and add the the profit that come out through income tax act. Just like we do with depreciation. or is t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... here some other way ? - Reply By Atul Mehrotra - The Reply = The WDV as per Companies Act and Income Tax Act will most likely be different. While computing business income, profit on sale of fi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... xed asset will be deducted because it will be separately calculated as per capital gain provisions. However, in the P L Statement, profit on sale will be disclosed under 'Other Income', below ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 'Revenue from Operations' i.e. it will be a part of Net Profit. - Profit on sale of fixed assets - Query Started By: - Kanishk Manglik Dated:- 21-8-2021 Corporate Laws / SEBI / LLP - Got 1 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Reply - Companies Law - Discussion Forum - Knowledge Sharing, reply post by an expert, personal opinion Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - Tax ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... TMI - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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