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This query is : Resolved

CA. VIKAS KUMAR SHARMA (Querist)
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19 June 2009 how we can show computer software on assets list as per co act and as per it act ?

Pls tell me where difine assets in co act 1956.

CA Nitin Wadhwani

CA Nitin Wadhwani (Expert)
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19 June 2009 Computer Software is an Intangible Fixed Asset.

Definition of Fixed assets is given in AS-10 and not in Co's Act.

CA. VIKAS KUMAR SHARMA

CA. VIKAS KUMAR SHARMA (Querist)
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20 June 2009 Dear nitin , thanks for reply pls also clear-

as per sec 32 and definiation of block of assets in sec 2(1) block 10 includes computer software and rate of deprication is 60%.
but in intangible asstes rate of dep is 25%.
so how can we calculate deprication ?

CA Nitin Wadhwani

CA Nitin Wadhwani (Expert)
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22 June 2009 Specific prevails over general.

Since it is specifically given that computer including computer software is to be depreciated @ 60%.

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