Depreciation on software developement
This query is : Resolved
Querist : Anonymous
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.
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.
Rupesh Jain
(Expert)
01 August 2013
depreciation after assets put to use
@ 25% on software as per income tax act
@ 25% on software as per income tax act
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
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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