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venkat

1000

43 Points Posted on 21 November 2020

can anyone say whether books like income tax, gst purchase for reference in consultancy firm or auditor office
comes under asset or expenses?

Replies (7)

Quick Summary

This discussion clarifies whether professional reference books, such as those for Income Tax and GST, should be treated as assets or expenses within a consultancy or audit firm. The consensus is that these books qualify as tangible assets and are eligible for a 40% depreciation claim under Section 32 of the Income Tax Act 1961, rather than being classified as immediate expenses.

JATINDER KUMAR

Accountant

3662 Points Posted on 21 November 2020

Under expenses

venkat

1000

43 Points Posted on 21 November 2020

Then what is annual publication 40% depreciation under IT act?

JATINDER KUMAR

Accountant

3662 Points Posted on 21 November 2020

You can capitalized if you want to claim depreciation

Shivam RC

Student

23693 Points Posted on 21 November 2020

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 ).