Taxes Income Taxes

BLOCK OF ASSETS (SCTION 2(11)

BLOCK OF ASSETS (SCTION 2(11)

The term “block of assets” means a group of assets falling within a class of assets, comprising-

Tangible assets, being buildings, machinery, plant or furniture,

  1. Intangible assets, being know-how, patents, copyrights, trademarks, licenses, franchises or any other business or commercial rights of similar nature,

In respect of which the same percentage of depreciation is prescribed.

A tax payer may have 13 different blocks of assets as given below-

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