depreciation rate on library books & other charts as per co. act 2013
This query is : Resolved
25 May 2016
hello,
we have rates as per income tax on above books and charts i.e. 60% & 100% for income tax computation purpose,
but for accounting purpose what is rate of depreciation or life as per co. act 2013.
and further under which group it should be fall for the better presentation in financial statmemt.
25 May 2016
Book is not an asset as per Schedule II of Companies Act,2013. Can be considered as revenue expenditure in the year of purchase for accounting purposes.
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