Rate of depreciation
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
20 July 2013
Sir
Please specify the rate of depreciation for library book in a school for income tax purpose
Please specify the rate of depreciation for library book in a school for income tax purpose
20 July 2013
For annual publication Book, it is 100% and for other books it is 60 %.
regards
regards
20 July 2013
The above rates are for those carrying on PROFESSION.
Querist : Anonymous
Querist :
Anonymous
(Querist)
22 July 2013
Sirs
For a school what should be the rate of depreciation for library books.
For a school what should be the rate of depreciation for library books.
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.
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.
Message likes :
2 times
23 July 2013
Sir (Mr. Chackrapani) , your research is brilliant, Appreciate
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