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Depreciation on software developement

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Querist : Anonymous

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Querist : Anonymous (Querist)
01 August 2013 We want to install a ERP Software in our Company. The Party issued a quotation for the same on 31.3.2013. We start installation on May'13.

Could I take provision for the expenses as on 31.03.13 and charged the Depreciation for the same? If so, at what rate ?

Need advice at earliest.
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Rupesh Jain

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Rupesh Jain (Expert)
01 August 2013 depreciation after assets put to use

@ 25% on software as per income tax act
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Kumar

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Kumar (Expert)
01 August 2013 No provision for expenses as at 31.03.2013

If advance paid it is capital advance

Include in Capital commitment

Depreciation to commence only after the asset is ready to use for books and put to use for income tax act
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