Goodwill W/off
This query is : Resolved
Monika Bachhawat
(Querist)
25 May 2010
I have purchased business in 7 crore & have acquired fixed assets worth Rs 5 crore & Rs 2 crore is for goodwill. In how many years is this goodwill to be written off in accounts from the point of view of Income Tax. Also tell me section under which it will be written off.
26 May 2010
There is no concept of amortization for G/W as per the income tax act. The only thing that you can claim is depreciation u/s.32 under intangible assets.
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