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Depreciation on goodwill under IT Act

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(Querist)
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
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CA Pawan Goswami

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CA Pawan Goswami (Expert)
21 November 2008 No, it is not depreciated.
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CA.ViVeK M ACA

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CA.ViVeK M ACA (Expert)
21 November 2008 Goodwill though intangible asset not covered under the IT Act.
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Deepak Agrawal

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Deepak Agrawal (Expert)
21 November 2008 25 % for intangible assets asd per Income tax Act
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Bhaskaran Chackrapani Warrier

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Bhaskaran Chackrapani Warrier (Expert)
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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