WebSection 50 was amended by Finance Act, 2024 to include rules for determining the WDV of a block of assets and the STCG where goodwill of a business or profession on which depreciation has been obtained forms part of a block of assets for FY 2024-20, corresponding to AY 2024-21. WebThis clarification is relevant for the purpose of determining tax depreciation on the remaining block of intangible assets. Taxation of virtual digital assets. Budget 2024 introduces a taxation scheme in relation to income earned from virtual digital assets (including cryptocurrencies and non-fungible tokens).
Depreciation Rate Chart as per Income Tax Act - Finance Friend
WebBlock from assets : Depreciation allowance as share of written down value : AYs 2003-04 on 2005-06. AY 2006-07 to AWAY 2024-18. AY 2024-19 continue WebConcept of Block of Assets - YouTube. we learn in this video concept of block of asset with concept of depreciation as per Income tax act.Remaining part of this concept we learn in … colorado irs revenue online
What is Block of Assets for Income Tax - TaxWink
WebJun 9, 2024 · Depreciation can be claimed as a deduction by the assessee for investing in assets like furniture, plant & machinery or other such tangible assets, for the previous year. The concept of depreciation was introduced under the Income Tax Act for writing off the cost of an asset over its useful life. WebJul 28, 2024 · WDV of the block at the beginning of the Previous Year: XX: Add: Actual Cost of the assets acquired during the previous year within this block. XX: Less: Moneys payable in respect of assets of this block which are sold, discarded, demolished or destroyed during the previous year and the scrap value. XX: Less: Actual cost of the assets falling within … WebJun 1, 2024 · Partner’s Remuneration, salary & Interest on capital – Section 40b of Income Tax What do you mean by block of assets? Block of asset refers to a group of assets which belong to the similar class of asset and carry the same rate of depreciation. These rates are provided in the income tax law. Lets take an example. Mr. colorado iron and metal loveland co