depreciation on library books
This query is : Resolved
19 June 2010
what is the rate of depreciation on library books in case of a school as per Income tax Act,1961 ?
19 June 2010
As per Section 32 of Income Tax Act Books should be depreciated @ 100%
19 June 2010
this is only in case of assessee engaged in the business of lending books and in case of annual publications.
Is there any seperate provision in case of schools
Is there any seperate provision in case of schools
19 June 2010
The rate will be 60% as per Rule 5 and Apendix I of Income Tax Rules
19 June 2010
(9) (i) Books owned by assessees carrying on a profession—
(a) Books, being annual publications
100
(b) Books, other than those covered by entry (a) above
60
(ii) Books owned by assessees carrying on business in running lending libraries
100
So ur rate is also 100%
(a) Books, being annual publications
100
(b) Books, other than those covered by entry (a) above
60
(ii) Books owned by assessees carrying on business in running lending libraries
100
So ur rate is also 100%
19 June 2010
I dont thing assessee here is running the business of lending the books. Moreover in the schools books dont get outdated as quickly as in case of professional books. So according to me as they are academic books so rate shall be 60% instead of 100%
19 June 2010
Didnt read library for schools. If it is for school then it is 60% only.
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