KNOW HOW
This query is : Resolved
Guest
Guest
(Querist)
14 October 2010
A Pvt.Ltd. co. has paid 2,50,000.00 Rs for "Know How" to ONGC Corp.
Q1-What will the treatment of "Know How" in the books of Co.According to Income Tax.
Q1-What will the treatment of "Know How" in the books of Co.According to Income Tax.
15 October 2010
Know how is an intangible asset as per part B of Appendix-1 of rule-5 of Income tax Rules,1962 and hence can be accounted as such on which depreciation can be claimed @ 25 %.
Guest
Guest
(Querist)
15 October 2010
What will be treatment of "Know How" according to Companies Act?
17 October 2010
Treatment will be as per AS 26 Intangible Assets.
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