WebIndian tax law uses the concept of a “block of assets,” under which assets are categorised into blocks depending on whether they are tangible or intangible assets. Tangible assets include buildings, machinery, plant and furniture, and intangible assets include know-how, patents, copyrights, trademarks, licences, franchises and any other ... Webwe learn in this video concept of block of asset with concept of depreciation as per Income tax act.Remaining part of this concept we learn in next video .*-...
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WebBased on 6 documents. block of assets means a group of assets falling within a class of assets, being building, machinery, plant or furniture, in respect of which the same … WebAccording to an amendment made into the provisions of Section 32 of the Income Tax Act, 1961, currently considered as Section 32 (1) (iia), an additional depreciation of 20% of the real cost of the asset shall be allowed on those machinery or plant which have been installed by assessee involved in the business of manufacture or in the ... sign of peripheral artery disease
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Webissued by India’s Central Board of Direct Taxes (CBDT) on 7 July 2024 introduces a new rule 8AC into the Income-tax Rules, 1962 (“rules”) specifying the method to calculate the written-down value (WDV) of a block of assets and the short-term capital gain (STCG) where goodwill on which depreciation has been granted is part of the block ... WebNov 5, 2024 · “Section 50 Special provision for computation of capital gains in case of depreciable assets.–Notwithstanding anything contained in clause (42A) of section 2, where the capital asset is an asset forming part of a block of assets in respect of which depreciation has been allowed under this Act or under the Indian Income Tax Act, 1922 … WebClass of assets. Depreciation allowance as percentage of actual cost (a) Plant and Machinery in generating stations including plant foundations :—(i) Hydro-electric3.4 (ii) … the racket news