rate of depreciation on intangible assets as per CO's act
This query is : Resolved
13 November 2009
I want to know the rate of depreciation charged on intangible assets by both wdv and slm methods as per COMPANIES ACT 1956.mainly for COMPUTER SOFTWARES and TECHNICAL KNOW HOW.
I have already reffered to AS-6 and AS-26 but rates are not mentioned there.
please help...!!
I will be very thankful...
I have already reffered to AS-6 and AS-26 but rates are not mentioned there.
please help...!!
I will be very thankful...
RAJESH SHUKLA
(Expert)
16 November 2009
please read current year recocker of income tax page no. 72. hope u will find the same as u want.
16 November 2009
thank u for answering sir ... i read the current year reconer page 72 but i didnt find the answer of my query.... please help further sir...
sir that page refers to rate of depreciation as per income tax act.... i want for companies act....
sir that page refers to rate of depreciation as per income tax act.... i want for companies act....
26 November 2009
Data processing Machine including computers
SLM--->16.21%
WDV---> 40%
SLM--->16.21%
WDV---> 40%
27 November 2009
Dear sir Data processing machine means a machine like computer server it is a tangible asse but i m asking for intangible asset. software is used to program data processing machines....
that software is intangible. i want to knw abt that. not the machinery.
that software is intangible. i want to knw abt that. not the machinery.
Aditya Maheshwari
(Expert)
27 November 2009
Software is an intangible asset and for depreciation on the same you will have to refer AS - 26 on intangible assets and the same should ideally be written off over a period of 5 years but not more than 10 years as per the standard
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