Re: [LIS-Forum] Depreciation value of library books and journals

Thanks, but auditors are asking and as far as GFR is concern books has been considered not as GOODS just to skip tendering etc. long process in my view. IT ACT 2018/1961 linked below ask for depreciation value which is as per govt. of India rule so CAG is asking for the same which may be correct technically. With Regards, Vinod Kumar Mishra, Assistant Librarian, Biju Patnaik Central Library (BPCL), NIT Rourkela, Sundergadh-769008, Odisha, India. Mob:91+9439420860 Website: http://mishravk.com/ ORCID ID: http://orcid.org/0000-0003-4666-7874 *"Spiritual relationship is far more precious than physical. Physical relationship divorced from spiritual is body without soul" -- Mahatma Gandhi* On Sat, Jul 28, 2018 at 10:35 PM, Koteswara Rao Mamidi wrote:

Strictly speaking, depreciation value is not applicable to library books and journals because they are not ‘goods’ according to the general financial rules. Acquiring books through sealed tenders is also wrong. If at all they are weeded our or discarded by libraries; the actual cost may be deducted from the asset books.

Dr m Koteswara Rao

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On 28-Jul-2018, at 9:56 PM, vinod mishra wrote:

Dear All,

Can anybody confirm about the depreciation value of books and journals in the library for calculating the asset value. Please refer point no. 9 in the below link.

https://www.incometaxindia.gov.in/charts%20%20tables/ depreciation%20rates.htm

With Regards,

Vinod Kumar Mishra, Assistant Librarian, Biju Patnaik Central Library (BPCL), NIT Rourkela, Sundergadh-769008, Odisha, India. Mob:91+9439420860 Website: http://mishravk.com/ ORCID ID: http://orcid.org/0000-0003-4666-7874

*"Spiritual relationship is far more precious than physical. Physical relationship divorced from spiritual is body without soul" -- Mahatma Gandhi*