17 September 2009
Dear sirs, I am working in a public sector organisation and recently looking after R & D library. Basically Iam an engineer and we are getting news papers and periodicals for a few executinves. Our finance dept is asking disposal action and revenue generation for old papers and periodicals. Plese clarify the following doubts:
1. Whether news papers received for R & D executives is capital item.
2. Any revenue generation is sxpected from these items.
3. Our expense for these items is roughly rupees two thousan per month.
4. Is it required to dispose off every year or we can fix some periodicity?
18 September 2009
books , periodicals , newspapers are all revenue expenses (100% written off in year of expense ). kindly credit the revenue generated from disposal in P&L . when u dispose off , its your lookout . no law can decide when to dispose off waste from an assessee's premises
CAclubindia
