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About Depreciation

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Jobimon Arackal John

Jobimon Arackal John (Querist)
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25 May 2009 I have gone through all replies Related to the Depreciation of Software.

Different Persons give different answer .Please give me Current Rate under Companies Act & Income Tax Act

CA PARVEEN GAMBHIR

CA PARVEEN GAMBHIR (Expert)
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26 May 2009 Under Income Tax: @60% on purchase of computer software where ownership of software is transferred. But where licence to use is granted for a specific period it will business expenditure.

Under Companies Act: Refer Schedule XIV or the company may write it off during its useful life as per its policy.

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