Useful life of itr and dep on income tax
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
07 April 2014
When any intangible assets are written off on the basis of the expected future benefit & its useful life, then how can Dep will be separately calculated under I.T. Act.? Is Block concept applicable? For e.g. copyright for a book is available and expected life is 5 years? How to show it in Income tax return?
Rupesh Jain
(Expert)
09 April 2014
under income tax depreciation will allowed only if rate of depreciation is prescribed in income tax.
otherwise no depreciation will allowed.
expected life can take only for accounting purposes
otherwise no depreciation will allowed.
expected life can take only for accounting purposes
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