Please solve my query :
What is the rate of Depreciation as per income tax on Library Books where the assesse is a Trust running Management institute ?
as per I T act Books own by assessee carrying on a profession is 60 %, shall i consider a trust as professional,
i think hare professional means only individual professional. not trust
pleaase solve the issue
Depreciation is allowed @ 100%
I think There books Are used As plant & Machinery So these are depriciated @ 15%
| Originally posted by : vikas | ||
 |
I think There books Are used As plant & Machinery So these are depriciated @ 15% |
 |
Kya keh rahe ho aap??
| Originally posted by : vikas | ||
|
|
I think There books Are used As plant & Machinery So these are depriciated @ 15% |
|
dear vikas, Books are plant within the section 32, but depreciation is allowed in this cissumstances @ 100% in block 12
100%
But 100% only on annual publication not on library books
every book has to get updated after certain time, and the publisher reprints the latest edition, which may contain certain updates/ rectifications, and which replace the earlier versions with current edition.
100% on books annual publicationor else 60% depreciation
on liberary books it is 100%
100% for sure
| Originally posted by : Nitin Garg | ||
|
|
Depreciation is allowed @ 100% |
|
100% sir
ya 100 % allowed
CAclubindia
