i think depreciation on library books will be charged at 100%.....))))
Depreciation on libraries books
Depreciation rates for books under I tax are as per under :
For professionals:
Annual Publications 100%
Other than annual 60%
For Library Business 100%
Under Companies Act
On WDV Method: Charge depreciation @ 100% if the individual cost of a book is less than Rs. 5000/- otherwise @ 13.91%
Thanks Friends
conclution: Books are plant & Machinery but dep rate under block 10 (60%) or under block 12 (100%) .
Thanks Friends
conclution: Books are plant & Machinery but dep rate under block 10 (60%) or under block 12 (100%) .
Rate of Depreciation 100% allowed.under Block of plant & machinery.
Depreciation on Books is as follows as per income tax act, 1961
| 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 | ||
In present case depreciation @ 100% will be allowed..
library book either annual publication ho ya general 100% dep milega hi
which are depriciation on laibrery books
which are depriciation on laibrery books
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