Block of assets definition groups assets for depreciation by prescribed percentage, clarifying asset classification for tax depreciation. The statutory definition of "block of assets" declares it to be a group of assets within a class-buildings, machinery, plant or furniture-in respect of ... Summary
Block of assets definition groups assets for depreciation by prescribed percentage, clarifying asset classification for tax depreciation.
The statutory definition of "block of assets" declares it to be a group of assets within a class-buildings, machinery, plant or furniture-in respect of which the same prescribed percentage of depreciation is applicable, thereby grouping assets for depreciation purposes as a single unit under the tax framework.
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