Fixed Asset

Tax Glossary Definition

Fixed Asset

A fixed asset is a tangible asset acquired for long-term use in a business, not meant for immediate sale. These assets are used to generate revenue over multiple accounting periods. These assets contribute to operations over several years, and depreciation on them is permitted as a deduction under Section 32 of the Income Tax Act.

Example: Machinery, furniture, and buildings are typical fixed assets used in business operations.

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