Depreciation sh ii
This query is : Resolved
26 May 2015
WHAT IS THE PROCEDURE OF ACCOUNTING TREATMENT OF DEP. FOR SOFTWARE INSTALLED IN COMPANY ?
26 May 2015
depreciation includes amortization of intangible assets so divide the cost of software by useful life of assets as per sch 2 under co act 2013
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CA Mehta Ankur N.
(Expert)
26 May 2015
Sorry i provided for income tax purpose.
27 May 2015
per AS- 26 intangible assets should be
amortised in the ratio of future economic lives of assets. For software and website, the prescribed life is 3-5 years and for others, it is 10 years.
amortised in the ratio of future economic lives of assets. For software and website, the prescribed life is 3-5 years and for others, it is 10 years.
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