can anyone say whether books like income tax, gst purchase for reference in consultancy firm or auditor office
comes under asset or expenses?
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Book purchase
Replies (7)
Under expenses
Then what is annual publication 40% depreciation under IT act?
You can capitalized if you want to claim depreciation
Books used by Professionals like GST Books, Income Tax Books etc are "Tangible Assets" and the assessee can claim Depreciation @ 40% under Section 32 of the Income Tax Act 1961.
Kindly note that they are not categorised as Expenses ( especially incase of Consultancy Firm / Audit Firm ).
Kindly note that they are not categorised as Expenses ( especially incase of Consultancy Firm / Audit Firm ).
Agree with Mr. Shivam RC
Please ignore my earlier reply
Please ignore my earlier reply
This kinds of book in any firm or club or consultancy will be treated as assets and depreciation is allowed on it
Yes, reference books for Professionals are comes under "Tangible Assets"and eligible for depreciation @ 40%u/s 32 of ITAct1961.
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