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.
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
- CLOSING STOCK QUERY
- Taxation on Old jewellery sold
- ITR-Capital Gain
- Query regarding TDS on EPFO Higher Pension Arrears- under wrong section
- Reporting in TDS return
- Error in uploading Form 10BD
- Query regarding reporting of exempt foreign remuneration in ITR
- F&O reporting in ITR
- TDS on rent received on hardship compensation being rent on redevelopment of building
- NRI INSURANCE ADVISOR
- DUE DATE FOR ITR FILING
- Concept of Vendor and customner reconciliation
- Mistake in e-invoice identified after 24 hours
- EXPORT PAYMENT
- NRI ITR2 account in 2025-26.
- Query regarding reporting of exempt foreign remuneration in ITR (AY 2026-27)
- FEMA/RBI treatment — Amazon.ca arbitrage (US buy, Canada sell, goods never enter India)
- Goods return by customer
- INWARD REMITTANCE FOREIGN
- CPC and SAC
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
