19 December 2009
CAN COPYRIGHT OF MOVIES AND SONGS GENERATED/PURCHASED DURING THE YEAR BE AMORTISED OR/WRITTEN OFF IN THE SAME PREVIOUS YEAR AS PER INCOME TAX ACT, 1961.
PLS PROVIDE JUDICIAL CASE LAWS(IF ANY) AND RELEVANT PROVISIONS REGARDING THE SAME.
20 December 2009
Refer to section 32(1)(ii) of the Income-tax Act. As per this section the assessee can claim depreciation on the cost of copyright owned and used by the assessee.The rate of depreciation prescribed is 25% on WDV basis.
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