fixed Assets
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
10 March 2011
One of our client has develop
their web-site
web site exp amt rs 20000
how to treat it ?
Capital of Revenue Exp
their web-site
web site exp amt rs 20000
how to treat it ?
Capital of Revenue Exp
10 March 2011
Recognition of development costs:-
Required treatment- development costs should be recognised as an asset when they meet the criteria in paragraph 17 of IAS 9 and it is probable that these costs will be recovered. Such costs should be allocated on a systematic basis to future periods in accordance with paragraph 20 of IAS 9.
Eliminated treatment – the Exposure Draft will propose that development costs which meet the criteria in paragraph 17 of IAS 9 should not be charged as an expense in the period in which they are incurred”
(refer, The Chartered Accountant, September 1990)
Required treatment- development costs should be recognised as an asset when they meet the criteria in paragraph 17 of IAS 9 and it is probable that these costs will be recovered. Such costs should be allocated on a systematic basis to future periods in accordance with paragraph 20 of IAS 9.
Eliminated treatment – the Exposure Draft will propose that development costs which meet the criteria in paragraph 17 of IAS 9 should not be charged as an expense in the period in which they are incurred”
(refer, The Chartered Accountant, September 1990)
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22 March 2011
As per Income tax point of view, it is revenue expenditure.
Citation:- CIT Vs. Indian Visit.Com Pvt Ltd (2008)219 CTR (Del) 603.
Citation:- CIT Vs. Indian Visit.Com Pvt Ltd (2008)219 CTR (Del) 603.
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