Documente Academic
Documente Profesional
Documente Cultură
ZARA HAFEEZ
SAQIB SIRAJ
AHMED MUNEEB
WALEED SETHI
JAHANZAIB
ASSETS AND
DEPRECIATION
ASSETS
Black Law Dictionary :
Property of all kinds, real and
personal, tangible and
intangible, including, inter alia,
for certain purpose, patents and
causes of action which belong to
any person including a
corporation and the estate of
decedent. The entire property of
a person that is applicable or
CAPITAL ASSETS
DEPRECIABLE ASSETS
Any
tangible
moveable
or
immovable property
having
normal useful life more than one year
and is being used by the owner for
his business purpose is a depreciable
asset.
ELIGIBLE DEPRECIATION
ASSET
It means a depreciable asset other
than the following assets:
Any road transport vehicle unless the
vehicle is plying for hire.
Any furniture or fittings
Any plant or machinery that has been
used previously in Pakistan
Any asset whose total cost has
already been allowed as deduction in
the tax year in which it is acquired
INTANGIBLE
Intangible means assets or expenditure of
following types if it provides an advantage
of benefit for a period of more than one
Secret
year:
Invention
Design or
formula
Patents
model
Copy
right
Trade
mark
Scientific
or technical
knowledge
Computer
software
Motion
picture film
Export
quotas
Franchise
Licensee
Contractual
rights
Any other
expenditur
e,
benefited
more than
1 year.
Intellectual
property
Other like
property or
right
or
process
PRE-COMMENCEMENT
EXPENDITURE
Its not an asset its an expense.
It provides benefit more than one year.
It is treated as
expenditure and
fictitious assets.
deferred revenue
it is also termed as
Incorpora
tion
expenses
Cost of
feasibility
studies
Cost of
construct
ion of
prototype
s
Cost of
trial
productio
n
activities
STOCK-IN-TRADE
ACQUISITION OF AN ASSET
When he
begins to
own an
asset.
When he is
granted
any right
to own an
asset.
When a
personal
asset is
applied for
business
use.
DISPOSAL OF AN ASSET
It means to pass over an asset to
some other person.
It denotes the change of
ownership of an asset.
Under Income Tax Ordinance, 2001 a
disposal may take place when an
asset is:
Sold
Exchanged
Transferred
Distributed
Cancelled
Redeemed
Relinquished
Destroyed
Lost
Expired
Surrendered
Transmitted by succession or under a
will
In case of business
assets, applied to
personal use
In case of a business asset, discarded or
ceased to be used in business.
ANY
QUESTION
THANK YOU