Plz let me know what is the rate of Depreciation applicable on Books & Periodicals ?
Afzal Momin (CA FINAL) (177 Points)
07 April 2012Plz let me know what is the rate of Depreciation applicable on Books & Periodicals ?
Nishith Pursnani
(B.com CPFA CFP(student))
(57 Points)
Replied 07 April 2012
hi as per my knowledge if Books are owned by assessees carrying on a profession then,
thanks.
Praveen Kumar Agarwal
(Accountant)
(180 Points)
Replied 08 April 2012
Afzal Momin
(CA FINAL)
(177 Points)
Replied 09 April 2012
Thanks for the valuable info..............
CA. Ankit Khemka
(CA in Practice)
(45 Points)
Replied 10 April 2012
Just wanted to make a point, the aforementioned rates of 100% and 60% are fo assessees carrying on profession, but if assessees carrying on business in running lending libraries, then depreciation allowed is 100% and for assessees carrying on other business the rate would be 15% as per the Income Tax Act 1961.
Kamlesh Kakde Patil
(Articled Assistant)
(27 Points)
Replied 13 June 2018
All the rates of depreciation as per section 32 of Income Tax Act, 1961 have been restricted up to 40% only from the assessment year 2018-19 onwards.
Kamlesh Kakde Patil
(Articled Assistant)
(27 Points)
Replied 13 June 2018
All the rates of depreciation as per section 32 of Income Tax Act, 1961 have been restricted up to 40% only from the assessment year 2018-19 onwards.
"Live class on Python for Financial Analysis: Unlocking Efficiency in Accounting and Finance"
CAclubindia
