depreciation on library books
This query is : Resolved
CA Amit Jaiswal
(Querist)
19 June 2010
what is the rate of depreciation on library books in case of a school as per Income tax Act,1961 ?
Shudhanshu Agrawal
(Expert)
19 June 2010
As per Section 32 of Income Tax Act Books should be depreciated @ 100%
CA Amit Jaiswal
(Querist)
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
Shudhanshu Agrawal
(Expert)
19 June 2010
The rate will be 60% as per Rule 5 and Apendix I of Income Tax Rules
Aditya Maheshwari
(Expert)
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%
Shudhanshu Agrawal
(Expert)
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 Moreover in the schools books dont get outdated as quickly as in case of professional books.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%
Aditya Maheshwari
(Expert)
19 June 2010
Didnt read library for schools. If it is for school then it is 60% only.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Gst credit note by supplier
- Reward for festival
- 18% Rent a cab
- Missed uploading GST Invoice
- Movement of goods by packers and movers - type of sale - Reg.
- RCM and same line
- Accounting Treatment of Civil work to install PORTA Cabin for office use
- TDS Return Statement Status
- Closer of business and itc of capital goods
- Appointment of Auditor By Form ADT-1
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- "Please ensure that the Total of the Deductions u/s 54F match the same in Table D in Sch CG"
- Need to correct "Whether it is last installment " response in Form 26 QB
- " Income from House Property " in joint names of co-owners
- REGARDING TDS RETURN OF FORM 27Q
- Notice under e-Verification Scheme
- GST demand notice for ITC reversal against exempted supply.
- RCM ON SECURITY CHARGES FROM INDIVIDUALS
- How to get money back from delisted company
- ITC not to be taken in accounts & GSTR-3B
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
