Depreciation Rate as per Income Tax Act
This query is : Resolved
28 December 2020
Assessee Type - Library registered under Bombay Public Trust Act, 1950
What will be the treatment of Purchase of books if Book is shown under Fixed Asset ? Kindly guide
What will be the treatment of Purchase of books if Book is shown under Fixed Asset ? Kindly guide
29 December 2020
The depreciation rate is 40% as per IT Act.
The purchase entry will be as follows:
Fixed Assets - Books - Dr
Cash/Bank - Cr.
Depreciation Entry:
Depreciation - Dr.
Books - Cr.
https://www.incometaxindia.gov.in/Charts%20%20Tables/Depreciation%20rates.htm
The purchase entry will be as follows:
Fixed Assets - Books - Dr
Cash/Bank - Cr.
Depreciation Entry:
Depreciation - Dr.
Books - Cr.
https://www.incometaxindia.gov.in/Charts%20%20Tables/Depreciation%20rates.htm
29 December 2020
I am asking about depreciation rates?
30 January 2021
Depreciation Rate is 40%
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