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Pradip Shaw (Practice)     01 September 2011

Depreciation on libraries books

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



 23 Replies

Nitin Garg

Nitin Garg (CA FINAL Article Trainee B.com)     01 September 2011

Depreciation is allowed @ 100%

vikas Agarwal

vikas Agarwal (Article & Ca Final Student)     01 September 2011

I think There  books Are used  As plant & Machinery So these are depriciated @ 15%

Amit Gupta

Amit Gupta (Loosening Myself)     01 September 2011

Originally posted by : vikas

I think There  books Are used  As plant & Machinery So these are depriciated @ 15%

 

 

Kya keh rahe ho aap??

Nitin Garg

Nitin Garg (CA FINAL Article Trainee B.com)     01 September 2011

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

CA ADITYA SHARMA

CA ADITYA SHARMA (CA IN PRACTICE )     01 September 2011

100%                                           

Pradip Shaw

Pradip Shaw (Practice)     01 September 2011

But 100% only on annual publication not on library books

U S Sharma

U S Sharma (glidor@gmail.com)     01 September 2011

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.

swathi

swathi (student pcc)     01 September 2011

100% on books annual publicationor else 60% depreciation

shaili kansara

shaili kansara (Manager)     01 September 2011

on liberary books it is 100% 

Sanket

Sanket (!..Live to Give..!)     01 September 2011

Take 100%...... Good Day...
vivek

vivek (self)     01 September 2011

100% for sure


(Guest)
Originally posted by : Nitin Garg

Depreciation is allowed @ 100%
Nitesh Matta

Nitesh Matta (Nothing)     02 September 2011

100% sir

praveen

praveen (Chartered Accountant)     02 September 2011

ya 100 % allowed


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