Depreciation on books

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

03 July 2013 please tell me rate of dep on books purchased for running a library by a school according to income tax act.

CA UMESH DULAL

CA UMESH DULAL (Expert)
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04 July 2013 You may take 100% depreciation on books.

Querist : Anonymous

Querist : Anonymous (Querist)

04 July 2013 But Sir assesse was not carrying on business in running lending libraries. he is running a school. thats why i am confusing in rate whether it should be 60% or 100%

CA UMESH DULAL

CA UMESH DULAL (Expert)
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04 July 2013 60% you are referring is for person carrying profession and only individual can carry profession.

Take 100% and follow the same consistently.

Querist : Anonymous

Querist : Anonymous (Querist)

04 July 2013 OK THANKU SIR FOR GIVING ME YOUR VALUBLE TIME.HAVE A NICE DAY.

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