Regarding depreciation rate as per income tax act

Priyanka.S (Articled Student) (168 Points)

05 June 2017

What is the Depreciation rate for Library books given to students in the case of college for Financial Year 2009-10

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Shubham Gupta (Business Consultants) (2077 Points)
Replied 05 June 2017

9) (i) Books owned by assessees carrying on a profession— (a) Books, being annual publications-100%

(b) Books, other than those covered by entry (a) above -60%

so it should be 60%

Priyanka.S (Articled Student) (168 Points)
Replied 05 June 2017

Sir, small doubt, College is not carrying any profession its sole purpose is teaching students, can we depreciate @ 60%

Shubham Gupta (Business Consultants) (2077 Points)
Replied 05 June 2017

mam,

the intention of law maker is on the publication life, so if it is annual publication then depreciate at 100%

otherwise 60%

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