X & Co. acquired a know-how on 10th November, 2022 for ₹5 lakh. How much is the amount of depreciation allowable under section 32 of the Income Tax Act, 1961 for the assessment year 2023-24?
CS Executive · Tax Laws · PYQS · June 2023
X & Co. acquired a know-how on 10th November, 2022 for ₹5 lakh. How much is the amount of depreciation allowable under section 32 of the Income Tax Act, 1961 for the assessment year 2023-24?
Answer & Explanation:
Correct Answer: Option (B)
Official answer key: (B). Official source note: X & Co. acquired a know -how on 10th November, 2022 for ₹ 5 lakh. How much is the amount of depreciation allowable under section 32 of the Income Tax Act, 1961 for the assessment year 2023 -24? (A) ₹ 50,000 (B) ₹ 62,500 (C) ₹ 1,25,000 (D)₹ 75,000
Topics: Income Tax Act, 1961
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