Software
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
11 July 2010
Hi
Can any one tell if C.A. firm purchase any software like Spectrum or Kitrit for income tax purpose then it will be call exp. or asset?
Can any one tell if C.A. firm purchase any software like Spectrum or Kitrit for income tax purpose then it will be call exp. or asset?
11 July 2010
its a revenue expenses only.
11 July 2010
The payment of such application software,though there is an enduring benefit, does not result in acquisition of a capital asset and it merely enhances the productivity or efficiency and hence, has to be treated as revenue expenditure.
Citation :- CIT Vs. Southern Roadways Ltd (2008) 304 ITR 84 (Mad).
Citation :- CIT Vs. Southern Roadways Ltd (2008) 304 ITR 84 (Mad).
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Post Office RD Interest
- Itr 1 processing
- Reporting Income under Section 44ADA
- Building and other construction workers welfare cess act 1996
- ITR validation error - Balance sheet is not filled
- ITR 1: Details for showing Exempt Income
- Bank Accounts in Balance Sheet for ITR 3
- ITR 3 FILING OF AN INDIVIDUAL (PARTNER IN A PARTNERSHIP fIRM)
- Annual return of gst limit
- Eway bill for machinery reparing
- Lift replacement entries in housing society
- Delisted shares sold in off market/ Rebate u/s87A
- In Exports Sales HSN details where to fill
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- Difference in tax comparison report
- Gst invoice numbering and delivery challan numbering
- Sales amount in Gstr1
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
