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DEP ON INTANGIBLE ASSETS

This query is : Resolved 
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(Querist)
16 September 2022 Respected Sir,

A Private Limited Company has purchased a TALLY PRIME SOFTWARE as on 06-07-2021 for Rs 48,305.22. In fixed Assets Schedule will be shown as TANGILE ASSETS. Please let me know the rat of depreciation as per company’ act.

Please guide me and oblige.
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CA R SEETHARAMAN

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CA R SEETHARAMAN (Expert)
17 September 2022 Show it as intangible asset.
Useful Life of "Software, Server & IT networks" is 6 years as per schedule-II of Companies Act,2013.
Income tax 40% wdv depreciation applicable.
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