Re: [LIS-Forum] Depreciation of Library Books

Arup RoyChodhury's findings on depreciation of books refer to individual IT assesses who carry on a profession. As Prof Koteswara Rao had put it clearly Books are neither considered goods nor services in either GFR or state transparency acts. They are educational materials and can be weeded out based on a policy of weeding On Fri, Jul 31, 2015 at 2:19 PM, Arup Raychaudhury wrote:

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 (ii) Books owned by assessees carrying on business in 100 running lending libraries Visit:

http://www.incometaxindia.gov.in/charts%20%20tables/depreciation%20rates.htm -- Arup Raychaudhury Library Indian Statistical Institute 203 BT Road Kolkata 700108. INDIA Phone: 91-33-2575-2106 Fax: 91-33-2578-1412

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In the first place - library books and journals do not come under goods as per the general financial rules, forget about depreciation. Books are invaluable asset of libraries. Asigning phsical or monetary value is meaningless.If books are damaged, they are removed and written off from the holdings and the original cost is deducted from the assets. Dr Koteswara raoFormer librarian, UoH

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On Tue, Jul 28, 2015 at 2:23 AM -0700, "NIHAD FAISAL"

wrote: Dear professionals,

Could anybody suggest the useful life of library books to calculate the depreciation in Accounting purpose? Our accounts department is asking approximate years of using of print books for depreciation calculation. kindly suggest your view in this regard.

Thanking you

Yours faithfully,

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*NIHAD FAISAL +965 65949240, 5590280*

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