Block numbers under head pgbp

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Paarth

Finance Associate

129 Points Posted on 24 October 2011

Hi there,

As we know that u/h Profits and Gains from Business & Proffession(PGBP), DEPRICIATION RATES FOR TANGIBLE ASSETS & INTANGIBLE ASSETS are divided in form of BLOCKS. However i m refering GIRISH AHUJA SIRs' book and the BLOCK NUMBERS in BOTH the books (ICAI STUDY MATERIAL & GIRISH AHUJA SIRs' BOOK) is different.

Say for example In GIRISH AHUJA SIRs' book

BLOCK No. 1 (under sub-heading Machinery and Plant) is for - MOTOR CARS OTHER THAN BUSINESS OF RUNNING THEM ON HIRE

and SAME in ICAI STUDY MATERIAL is BLOCK No. 5. Under same sub-heading.

Can block numbers vary under the four sub-headings namely Plant and machinery,Buildings & Furniture&fittings AND Intangible Assets under head PGBP for claiming depriciation.

Please help.

I am very confused and tensed. Its high time, exams are on head and i got stuck in this foolish confusion.

Replies (4)

Dattaprasad

Audit Officer

94 Points Posted on 24 October 2011

there is no specific numbering you can maintain any number for the block. but only thing is the block contains the same asset and depreciation rate.

Ankit Tantia

B.com ( Hons.) FCA DISA (ICAI)

214 Points Posted on 24 October 2011

ya agree with Mr. Dathaprasad...

maintaining Block no. sequence is not mandatory. The only thing is that in a given block, the asset belonging to the same class and dep. rate shold be included.......

Swapnil Jain

Finance - FP&A

417 Points Posted on 25 October 2011

Originally posted by : CA Dathaprasad
	there is no specific numbering you can maintain any number for the block. but only thing is the block contains the same asset and depreciation rate.