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Write off of fixed assets
is there is any provision in the Income Tax Act, to write off unused fixed assets.
Replies (4)
For depreciated assets..........No till useful life.
No because in income tax block of assets concept prevails. So even if an individual asset is useless but other items are useful assets in that block so no concept or provision for written off of waste asset is there.
no deduction
plss transfer your asset in block and apply section 32
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