Depreciation Rate as per Income Tax Act
This query is : Resolved
Quick Summary
Harshada Kadam
(Querist)
28 December 2020
Assessee Type - Library registered under Bombay Public Trust Act, 1950
What will be the treatment of Purchase of books if Book is shown under Fixed Asset ? Kindly guide
What will be the treatment of Purchase of books if Book is shown under Fixed Asset ? Kindly guide
29 December 2020
The depreciation rate is 40% as per IT Act.
The purchase entry will be as follows:
Fixed Assets - Books - Dr
Cash/Bank - Cr.
Depreciation Entry:
Depreciation - Dr.
Books - Cr.
https://www.incometaxindia.gov.in/Charts%20%20Tables/Depreciation%20rates.htm
The purchase entry will be as follows:
Fixed Assets - Books - Dr
Cash/Bank - Cr.
Depreciation Entry:
Depreciation - Dr.
Books - Cr.
https://www.incometaxindia.gov.in/Charts%20%20Tables/Depreciation%20rates.htm
Harshada Kadam
(Querist)
29 December 2020
I am asking about depreciation rates?
CA Rashmi Gandhi
(Expert)
30 January 2021
Depreciation Rate is 40%
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
- Visiting card purchase
- GST on reimbursement of expenses
- Due date for filing return for the partner in partnership subjected to Tax Audit
- Query on effect of registration of property
- Equity Share Sale and Purchase
- Whether output tax is taken credit by purchaser
- Additional trade name
- Number of years as per AS amortisation of Goodwill
- Wrong CMPo8 file
- Goodwill transfer of deceased father’s firm – ICAI applying a 27.04.2026 cut-off to the 3 year limit
- Classification of income of P Ltd company as business or profession
- 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
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
