TaxTMI 
TaxTMI 
Profit on sale of fixed assets
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....rofit on sale of fixed assets<br> Query (Issue) Started By: - Kanishk Manglik Dated:- 21-8-2021 Last Reply Date:- 25-8-2021 Corporate Laws / SEBI / LLP<br>Got 1 Reply<br>Companies Law<br>Respected fac....
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....ulty, 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 fixed assets. .....
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.... 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 there some oth....
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....er 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 fixed asset will be ded....
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....ucted 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 'Revenue from Ope....
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....rations' i.e. it will be a part of Net Profit.<br> Discussion Forum - Knowledge Sharing ....