Rate of depreciation
Querist : Anonymous
Please specify the rate of depreciation for library book in a school for income tax purpose
regards
Querist : Anonymous
For a school what should be the rate of depreciation for library books.
The decision is since article used is the same (books) and purpose for which it is used is the same, no need to distinguish between PROFESSION and BUSINESS.
In view of the above decision, a school can depreciate BOOKS at the rates given by Mr. Aashish Tiwari.
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