banner_ad

Depreciation Rate as per Income Tax Act

This query is : Resolved 
Profile Image

Profile Image

(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
Profile Image

Aashok Kumar Sharma online

Profile Image

Aashok Kumar Sharma online (Expert)
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
Profile Image

Harshada Kadam

Profile Image

Harshada Kadam (Querist)
29 December 2020 I am asking about depreciation rates?
Profile Image

CA Rashmi Gandhi

Profile Image

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


CCI Pro
Join CAclubindia WhatsApp Finance Community & stay updated with the latest TAX news, compliance alerts and important updates all in one place!


Similar Resolved Queries


loading


Unanswered Queries


banner

Trending Online Classes

view all classess

CCI Pro
Meet our CAclubindia PRO Members
Subscribe Now

Follow us
add to google news


Answer Query



Quick Links



Browse by Category




Latest Job Openings

View all
Company
29 May 2026
Finance Head

Bhawar Sales Corporation

Chennai

Graduate (Any)

View Details
Company
22 May 2026
Audit assistant

Displayandbeyond

Mumbai

CA

View Details
Company
26 May 2026
Audit executive

vdsr & co LLP

Chennai

CA Inter

View Details
Company
Featured 27 May 2026
Lead Conversion Executive / Sales Closing Executive

SMJ global advisors pvt ltd

New Delhi

B.Com

View Details
Company
ARTICLESHIP 31 May 2026
Article Assistant

KPRS And Associates

New Delhi

CA Inter

View Details
Company
ARTICLESHIP 28 May 2026
Accounts, Audit & Compliance Executive

Shyam Joshi & Associates

Pune

B.Com

View Details
Company
21 May 2026
Associate

PWC

Kolkata

CA

View Details
Company
23 May 2026
Article Assistant

Geeta Manchanda & CO.

New Delhi

CA Inter

View Details