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Singular/Plural in income tax

27 February 2023

Hi there is a query like AN event/ AN occasion/ AN asset will be considered as single event/occasion/asset or can be considered as multiple/plural as well for income tax purpose.

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Elisa (na) (920 Points)
Replied 28 February 2023

An asset may be considered as a single asset or multiple assets depending on the nature of the asset and the relevant provisions of the Income Tax Act. For example, if an asset is a composite asset consisting of several components, it may be treated as a single asset for income tax purposes. On the other hand, if the asset consists of multiple distinct components or units, it may be treated as multiple assets for income tax purposes.