Rates of depreciation
This query is : Resolved
RENUKA CHOURASIA
(Querist)
22 June 2012
What is the rate of depreciation to be charged on Books & Periodicals as per Companies Act'1956.
24 June 2012
There is no such rate under the companies act. These are fully charged to P/L Account.
As per Income Tax Act--
i. Books owned by assessees carrying on a profession
a. Annual publication 100
b. Other books 60
ii. Books owned by assessees carrying on business in running lending libraries 100
As per Income Tax Act--
i. Books owned by assessees carrying on a profession
a. Annual publication 100
b. Other books 60
ii. Books owned by assessees carrying on business in running lending libraries 100
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