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

Sent from my iPhone

...

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*

But another lines says "Books owned by assessees carrying on business in running lending libraries" I am not sure about exact rule in case of govt. libraries. The entire depreciation rules as per IT act 2028 is if applicable on other items than i think it is also applicable on library books as the students pay fee for libraries. Read more at: https://www.caclubindia.com/experts/depreciation-on-library-books-413085.asp On Tue, 31 Jul 2018 11:05 Koteswara Rao Mamidi, wrote:

Please read the new IT act of 2018 carefully. It says "Books owned by assessees carrying on a profession". This means that people who are doing business of lending libraries for them books are considered assets and hence have to pay income tax. This rule does not apply to libraries which also do not come under income tax rules.

Dr. M Koteswara Rao

------------------------------ *From:* vinod mishra *Sent:* Sunday, July 29, 2018 9:32 AM *To:* Koteswara Rao Mamidi *Cc:* lis-forum *Subject:* 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

Sent from my iPhone

...

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.ht...

...

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*