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Computer Software = Asset......?

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This query is : Resolved

VIJAY (Querist)

03 November 2008 Hi Experts,

If an Organization has purchased any Computer Software like Tally; PayPac etc. Can they treat such softwares as Assets for the Organization..?...... If Yes... Then what will be the depreciation rate on that..?

Also, What will be the prosidure of Physical verification of assets..?

Thanks,
Vijay

S.Srinivasaraghavan

S.Srinivasaraghavan (Expert)

04 November 2008 Yes. Same as computers in the case of IT ACt. In the case of companies Act you can base it on the useful life.Physical verification process is the verification of licence granted by the seller and the physical possession on electronic media.

VIJAY

VIJAY (Querist)

04 November 2008 Thanks Mr.S.Srinivasaraghavan...

You mean to said that depraciation rate will be same as computer..?

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