can anyone say whether books like income tax, gst purchase for reference in consultancy firm or auditor office
comes under asset or expenses?
7 Replies
venkat
(1000)
(43 Points)
Replied 21 November 2020
Then what is annual publication 40% depreciation under IT act?
JATINDER KUMAR
(Accountant)
(3662 Points)
Replied 21 November 2020
You can capitalized if you want to claim depreciation
Shivam RC
(Student)
(23683 Points)
Replied 21 November 2020
Books used by Professionals like GST Books, Income Tax Books etc are "Tangible Assets" and the assessee can claim Depreciation @ 40% under Section 32 of the Income Tax Act 1961.
Kindly note that they are not categorised as Expenses ( especially incase of Consultancy Firm / Audit Firm ).
Kindly note that they are not categorised as Expenses ( especially incase of Consultancy Firm / Audit Firm ).
JATINDER KUMAR
(Accountant)
(3662 Points)
Replied 21 November 2020
Agree with Mr. Shivam RC
Please ignore my earlier reply
Please ignore my earlier reply
ayusmita
(Tax consultant)
(5885 Points)
Replied 21 November 2020
This kinds of book in any firm or club or consultancy will be treated as assets and depreciation is allowed on it
Vijayprakash P
(1313 Points)
Replied 21 November 2020
Yes, reference books for Professionals are comes under "Tangible Assets"and eligible for depreciation @ 40%u/s 32 of ITAct1961.
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