https://www.taxtmi.com/article/detailed?id=8119 Costs of education, training and examinations incurred to obtain entitlement to practise a profession are costs of a license and constitute intangible assets used in the profession, eligible for deduction by way of depreciation allowance. Actual cost for depreciation includes amounts paid by the assessee, interest on loans for acquiring qualifications and reimbursable payments to third parties; scholarships and grants raise contested issues but are often treated as capital receipts not deductible from actual cost, while statutory amendments treating subsidies as income create uncertainty. en-us Tue, 14 Aug 2018 07:46:29 +0530 Tue, 14 Aug 2018 07:46:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/article/detailed?id=8119 Costs of education, training and examinations incurred to obtain entitlement to practise a profession are costs of a license and constitute intangible assets used in the profession, eligible for deduction by way of depreciation allowance. Actual cost for depreciation includes amounts paid by the assessee, interest on loans for acquiring qualifications and reimbursable payments to third parties; scholarships and grants raise contested issues but are often treated as capital receipts not deductible from actual cost, while statutory amendments treating subsidies as income create uncertainty. Articles Income Tax Tue, 14 Aug 2018 07:46:29 +0530 https://www.taxtmi.com/article/detailed?id=8119