Pradip Shaw & Co (Practice) (227 Points)
01 September 2011Please solve my query :
What is the rate of Depreciation as per income tax on Library Books where the assesse is a Trust running Management institute ?
as per I T act Books own by assessee carrying on a profession is 60 %, shall i consider a trust as professional,
i think hare professional means only individual professional. not trust
pleaase solve the issue
Nitin Garg
(CA FINAL Article Trainee B.com)
(171 Points)
Replied 01 September 2011
Depreciation is allowed @ 100%
vikas Agarwal
(Article & Ca Final Student)
(125 Points)
Replied 01 September 2011
I think There books Are used As plant & Machinery So these are depriciated @ 15%
Amit Gupta
(Loosening Myself)
(1508 Points)
Replied 01 September 2011
| Originally posted by : vikas | ||
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I think There books Are used As plant & Machinery So these are depriciated @ 15% |
 |
Kya keh rahe ho aap??
Nitin Garg
(CA FINAL Article Trainee B.com)
(171 Points)
Replied 01 September 2011
| Originally posted by : vikas | ||
|
|
I think There books Are used As plant & Machinery So these are depriciated @ 15% |
|
dear vikas, Books are plant within the section 32, but depreciation is allowed in this cissumstances @ 100% in block 12
Pradip Shaw & Co
(Practice)
(227 Points)
Replied 01 September 2011
But 100% only on annual publication not on library books
U S Sharma
(glidor@gmail.com)
(21063 Points)
Replied 01 September 2011
every book has to get updated after certain time, and the publisher reprints the latest edition, which may contain certain updates/ rectifications, and which replace the earlier versions with current edition.
swathi
(student pcc)
(584 Points)
Replied 01 September 2011
100% on books annual publicationor else 60% depreciation
CAclubindia
