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Income tax depricaition

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Querist : Anonymous

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Querist : Anonymous (Querist)
19 August 2013 where shall musical instrument should be shown in I.T Act
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CA UMESH DULAL

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CA UMESH DULAL (Expert)
19 August 2013 if you are music artist/production house/school etc from which you generate income or essential for you business/profession, show it as fixed assets.

If it is for personal purpose/personal interest, it shall not from part of B/S
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CS,CA F,Numrologi TusharSampat

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CS,CA F,Numrologi TusharSampat (Expert)
19 August 2013 if the entity is doing business in musical instrument then it will be stock in trade.
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CA UMESH DULAL

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CA UMESH DULAL (Expert)
19 August 2013 agree with mr. tushar
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Querist : Anonymous

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Querist : Anonymous (Querist)
19 August 2013 Sir A college having an asset of Musical instrument
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CA UMESH DULAL

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CA UMESH DULAL (Expert)
19 August 2013 show it as fixed assets and charge deprecation @15%/7.5% as the case may be on the closing balance on 31.03

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