Depreciation
This query is : Resolved
PASUPATHY PARAMAGURU
(Querist)
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????
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
(Expert)
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
(Querist)
06 September 2012
Thanks Mr.Pankaj Sir , What is the rate of depreciation as per companies act,1956 ? for the same???
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