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depreciation on intangible assets - whether allowed?

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(Querist)
30 March 2010 I want to know whether depreciation on following assets is allowed as a expense under the income tax act?

1) Intangible assets (know-how, patents, copyrights, trade marks, licences, franchises or any other business or commercial rights)

2) Goodwill

If it is allowed, what is the correct rate for calculating the depreciation?
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kartik_somu

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kartik_somu (Expert)
30 March 2010 for intangible assets, other than goodwill, rate of depn is 25 %.

Goodwill is not an allowable deduction under income tax Act.
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Kaustubh

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Kaustubh (Querist)
30 March 2010 Thanks
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CA Ashok Kumar Sahu

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CA Ashok Kumar Sahu (Expert)
30 March 2010 YES, DEP. ALLOWED ON INTANGIBLE ASSETS OTHER THEN GOODWILL
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CMA. CS. Sanjay Gupta

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CMA. CS. Sanjay Gupta (Expert)
30 March 2010 agree
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Rasesh

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Rasesh (Expert)
30 March 2010 Agree
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