Poonawalla fincorp
Poonawalla fincorp

Depreciation Rate as per Income Tax Act

This query is : Resolved 
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(Querist)
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
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Asha Kanta Sharmapro badge

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Asha Kanta Sharmapro badge (Expert)
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
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Harshada Kadam

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Harshada Kadam (Querist)
29 December 2020 I am asking about depreciation rates?
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CA Rashmi Gandhi

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CA Rashmi Gandhi (Expert)
30 January 2021 Depreciation Rate is 40%

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