Dep.on software
This query is : Resolved
11 June 2011
An assessee has purchased Tally software and another ERP software. What is the dep. rate under Income Tax? 60 percent or 25 percent as applicable for intangibles?
11 June 2011
Computer Software is no way a asset as it is to be upgraded every year and for that renewal charges are to be paid.
I think , in-spite of treating it as an asset, from income tax point of view, we should debit it as an expense.
If you do not think it proper, charge depreciation @60%
I think , in-spite of treating it as an asset, from income tax point of view, we should debit it as an expense.
If you do not think it proper, charge depreciation @60%
12 June 2011
Madras High Court in the case of CIT Vs. Southern Road ways Ltd reported in 304 ITR 84 said replacement cost of software,though there is enduring benefit, is revenue expenditure.
Pl go through the decision and try to equate with your case.
Pl go through the decision and try to equate with your case.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Off Market debit and credit transaction
- Showing Gift from relative in ITR for this year
- ITR selection for salaries and capital gain less than L
- Short Term Capital gain on shares bought and sold after 2018 onwards
- Share accounting-->fifo - capital gain - period as per fifo?
- Soyabean hsn code and gst rate
- ITR filing- non tax audit cases- Asstt.Year 2026-2027
- Treatment of Pension ?annuity returns on PMVY
- BIS Certificates
- Salary and pension received from Asian Development Bank
- Sale of Forign Shares
- INCOME TAX ON REDEVELOPEMENT OF FLAT
- Form 10E u/s 89(1). Need clarification because experts opinions differ !!!!
- Gst invoice numbering and delivery challan numbering
- Standard Deduction claim for EPFO Pension and ICICI Prudential Life Annuity
- Small dealers gst returns filing
- Sales amount in Gstr1
- CG after sale of flat
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
