Depreciation on goodwill under IT Act
This query is : Resolved
21 November 2008
When a company is acquired and goodwill is created shud that goodwill be depreciated under IT Act? if yes then at wat rate?
Purvi
Purvi
21 November 2008
No, it is not depreciated.
21 November 2008
Goodwill though intangible asset not covered under the IT Act.
21 November 2008
25 % for intangible assets asd per Income tax Act
21 November 2008
Deepak,For depreciation purpose section 32 and rule 5 along with appendix says about intangible assets but that does not include goodwill.
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