Depreciation

This query is : Resolved

PASUPATHY PARAMAGURU (Querist)
Follow

04 September 2012 Pls clarify me,

What is the depreciation rate for the library books (around Rs.65,442), purchased by educational institution registered as Private Limited company, under Companies Act,1956.

Rate of dep. as per Income Tax Act???

Rate of dep. as per Companies Act????

or it may be treated as Expenses????

Pankaj Gupta

Pankaj Gupta (Expert)
Follow

06 September 2012 In case of a library you can claim dep @ 100% under income tax act. Books are assets and are of capital nature, therefore not eligible as expense.

PASUPATHY PARAMAGURU

PASUPATHY PARAMAGURU (Querist)
Follow

06 September 2012 Thanks Mr.Pankaj Sir , What is the rate of depreciation as per companies act,1956 ? for the same???