depreciation on intangible assets - whether allowed?
This query is : Resolved
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?
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?
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.
Goodwill is not an allowable deduction under income tax Act.
CA Ashok Kumar Sahu
(Expert)
30 March 2010
YES, DEP. ALLOWED ON INTANGIBLE ASSETS OTHER THEN GOODWILL
30 March 2010
agree
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