Hariom Gupta (ICWA CA-FINAL CS-FINAL) (46 Points)
09 October 2008hi ,
I am really confuse about-
'Depreciationon on liabrary books'
1 As per income tax rule
2 As per companies act
CA RAMESH KUMAR AHUJA
(CA, DISA, LLB)
(5452 Points)
Replied 10 October 2008
Depreciation rates for books under I tax are as per under :
For professionals:
Annual Publications 100%
Other than annual 60%
For Library Business 100%
Under Companies Act
On WDV Method: Charge depreciation @ 100% if the individual cost of a book is less than Rs. 5000/- otherwise @ 13.91%
CAclubindia
