WitrynaCalculation of capital gain where all the assets of the block are transferred: Situation III. If the whole of the block of asset is sold and the sale consideration is less than the written down value (opening WDV + cost of assets acquired if any) of the block of assets. Then there is short-term capital loss on sale of block of asset. Witryna1- If the sale amount is $7,000. If ABC Ltd. sells the equipment for $7,000, it will make a profit of $625 (7,000 – 6,375). In this case, ABC Ltd. can make the journal entry for …
GST on Sale of Fixed Assets - TaxGuru
Witryna19 wrz 2024 · TCS is a tax that is collected by the seller from the buyer and paid to the government on behalf of the buyer. The Finance Act, 2024 has introduced the new … Witryna18 cze 2024 · Post approval of Union Budget 2024 buyer will be responsible to deduct TDS on purchase of goods @0.1% only with effect from 1st July 2024 if its turnover in Previous Financial year exceeds Rs 10 Cr, on purchase above 50 lakh and seller will be responsible to collect TCS under Section 206C (1H) only in case buyer fails to deduct … bybee and landes 1990
Fixed Asset Sale Journal Entry Gain or Loss - Accountinguide
Witryna1 lis 2010 · 01 November 2010 1. Purchase of fixed asset is supply so TDS not applicable. 02 November 2010 It depends that what the fixed assets purchased is. If this is EPC contract under which the fixed assets is also sold along with the other activities, TDS is applicable on the entire contract value u/s 194C. The principal … Tax collected at source (TCS) is the tax collected by the seller from the buyer on sale so that it can be deposited with the tax authorities. Section 206C of the Income-tax act governs the goods on which the seller has to collect tax from the buyers. Such persons must have the Tax Collection Account Number to be … Zobacz więcej When the below-mentioned goods are utilised for the purpose of manufacturing, processing, or producing things, the taxes are not payable. If the same goods are utilised for … Zobacz więcej Note that as per Section 206CCA, tax at a higher rate (other than rates in the above table) will be collected from the buyer if such buyer has- 1. Not filed ITR for the last two financial years before the relevant financial year in … Zobacz więcej The seller must collect TCS at the earlier of the following two dates: 1. When debiting the money payable by the buyer to their account … Zobacz więcej Witryna10 kwi 2024 · If you invested Rs 10 lakh in a stock today and made an STCG of Rs 3 lakh within 1 year of holding, you would have a net gain of Rs 13 lakh. Your short-term capital gains will be taxed at Rs ... cfp top 25 football schedule