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?
Sanjay Dugar
(Expert)
17 October 2010
Treatment will be as per AS 26 Intangible Assets.
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