close Change the way you learn with CCI Online Coaching   view more
Home > Experts > Income Tax > What is the meaning of asset?


Please Wait ..

Sign-in to your account


Username:
Password:

Remember Me

Forgot your password?

Sign-up now



Join CAclubindia.com and Share your Knowledge. Registered members get a chance to interact at Forum, Ask Query, Comment etc.


What is the meaning of asset? (Income Tax)

Report Abuse
This query is : Resolved


( Author )
23 February 2012

Can someone tell me the meaning of "Asset" under income tax Act, 1961 or as per ICAI guidelines??


Yogesh Agarwal

( Expert )
23 February 2012

assets are economic resources. Anything tangible or intangible that is capable of being owned or controlled to produce value and that is held to have economic value is considered an asset.



Yogesh Agarwal

( Expert )
23 February 2012

Formal Definition is "An asset is a resource controlled by the entity as a result of past events and from which future economic benefits are expected to flow to the entity"



Previous

Next

You need to be the querist or approved CAclub expert to take part in this query .


Click here to login ( Members Login ) now


Similar Resolved Queries :







submit










Quick Links