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Rate of depreciation

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Querist : Anonymous

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Querist : Anonymous (Querist)
20 July 2013 Sir
Please specify the rate of depreciation for library book in a school for income tax purpose
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Aashish Tiwari

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Aashish Tiwari (Expert)
20 July 2013 For annual publication Book, it is 100% and for other books it is 60 %.
regards
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Bhaskaran Chackrapani Warrier

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Bhaskaran Chackrapani Warrier (Expert)
20 July 2013 The above rates are for those carrying on PROFESSION.
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Querist : Anonymous

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Querist : Anonymous (Querist)
22 July 2013 Sirs
For a school what should be the rate of depreciation for library books.
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Bhaskaran Chackrapani Warrier

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Bhaskaran Chackrapani Warrier (Expert)
23 July 2013 Brilliant Study Centre V ACIT ,135 ITR 351 (Cochin-Tri).

The decision is since article used is the same (books) and purpose for which it is used is the same, no need to distinguish between PROFESSION and BUSINESS.

In view of the above decision, a school can depreciate BOOKS at the rates given by Mr. Aashish Tiwari.
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Aashish Tiwari

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Aashish Tiwari (Expert)
23 July 2013 Sir (Mr. Chackrapani) , your research is brilliant, Appreciate

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