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Capitilized

This query is : Resolved 
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(Querist)
28 July 2011 in which head printer captilized
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CMA. CS. Sanjay Gupta

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CMA. CS. Sanjay Gupta (Expert)
28 July 2011 Under the Head Computer as Fixed assets.
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CA Sachin D Jain

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CA Sachin D Jain (Expert)
29 July 2011 Dear Atul,

The question relates to which law. Companies Act, 1956 or Income Tax Act, 1961.
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Praveen Sharma

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Praveen Sharma (Expert)
29 July 2011 Both ones. Computer includes Computer items like computer software, Printer.
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CA Sachin D Jain

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CA Sachin D Jain (Expert)
29 July 2011 Dear Praveen,

Computer software are to be treated seperately under Companies Act, 1956 as intangible assets and are to be written off over a period of maximum upto five years.

Printer as already suggested by experts, is to be capitalised along with computer under companies act as well as under income tax act.
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C A S.S.Agarwal, M.Com.,LL.B,

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C A S.S.Agarwal, M.Com.,LL.B, (Expert)
29 July 2011 Under all the acts the Fixed Assets has to be capitalised.
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