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Block of assets
is building and furniture and fixtures are considered one group because both of them depriciation 10% .
Replies (3)
Block of asset means a group of assets falling within a class of assets like building , machinery, plant , furniture and intangible asset like knowhow , patents, copy right, trade marks etc, in respect of which the same percentage of depreciation is prescribed.
No. There will be separate block of assets for -
Buildings
P&M
Furniture
Intangible assets
Same rate of depreciation is not relevant to determine block of assets.
Buildings
P&M
Furniture
Intangible assets
Same rate of depreciation is not relevant to determine block of assets.
My answer is also no . I posted defination of Block of asset
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