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Goodwill

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(Querist)
18 March 2011 Pl inform, One can charge depreciation on Goowilll if yes then what is the percentage?
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Kumar Babu.G

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Kumar Babu.G (Expert)
18 March 2011 Depreciation cannot be charged on Goodwill
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CA Ravi Sisodia

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CA Ravi Sisodia (Expert)
18 March 2011 according to AS-14 goodwill can be amortize in 5 year.
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Bhaskaran Chackrapani Warrier

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Bhaskaran Chackrapani Warrier (Expert)
19 March 2011 Goodwill can be depreciated under section 32(ii) of the Income tax Act,1961,being an intangible asset.
Decision of Delhi High Court dated 14/1/2011 in the case of Hindustan coca-Cola Beverage may be referred to.
Rate is 25% as per Appenidx-1,part B of rule 5 of Income tax Rules,1962.
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