Depreciation on libraries books

Page no : 2

TARUN ARORA (Fresher CA) (132 Points)
Replied 02 September 2011

i think depreciation on library books will be charged at 100%.....))))

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CS Bijoy (Expert) (6394 Points)
Replied 02 September 2011

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%

1 Like

Pradip Shaw & Co (Practice) (227 Points)
Replied 02 September 2011

Thanks Friends

conclution: Books are plant & Machinery but dep rate under block 10 (60%) or under block 12 (100%) .

Pradip Shaw & Co (Practice) (227 Points)
Replied 02 September 2011

Thanks Friends conclution: Books are plant & Machinery but dep rate under block 10 (60%) or under block 12 (100%) .

CA PRAVEEN SINGH (MANAGER ACCOUNTS) (2277 Points)
Replied 03 September 2011

Rate of Depreciation 100% allowed.under Block of plant & machinery.

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Nitin Garg (CA FINAL Article Trainee B.com) (171 Points)
Replied 03 September 2011

Depreciation on Books is as follows as per income tax act, 1961

i.	Books owned by assessees carrying on a profession
		a.	Annual publication	100
		b.	Other books	60
	ii.	Books owned by assessees carrying on business in running lending libraries		100