Software license

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Venkatesh S (Querist)

19 February 2014 1) If i am using Software license can i shown it as "Asset" ?
2)How do i calim depreciation for the License as per IT Act and rate of dep if applicable ?

Yogesh Shukla

Yogesh Shukla (Expert)

19 February 2014 It will be treated as intangible asset, and there is no need of depreciation on intangible asset

Venkatesh S

Venkatesh S (Querist)

19 February 2014 On what basis u say we can not claim dep, there is 25% and 60% two separate rates are there right?

Yogesh Shukla

Yogesh Shukla (Expert)

19 February 2014 On Computer & its Software the rate of dep. as per IT is 60%
But on License it's not applicable

Venkatesh S

Venkatesh S (Querist)

19 February 2014 Then u/s 32 of IT Act what are all comes in definition of intangiblae asset classification ?

Yogesh Shukla

Yogesh Shukla (Expert)

19 February 2014 Patents, copyrights, trademarks, licences, franchises or any other business or commercial rights of similar nature are intangible assets according to section 32

Message likes : 1 times

Venkatesh S

Venkatesh S (Querist)

19 February 2014 Then 25% rate of Dep applicable Right?

Yogesh Shukla

Yogesh Shukla (Expert)

19 February 2014 In case of Software License 25% rate is not applicable

Venkatesh S

Venkatesh S (Querist)

19 February 2014 Then u want treat as Revenue nature?
and pls let me know how do i add u as friend

Venkatesh S

Venkatesh S (Querist)

19 February 2014 Can u pls let me know where i get Guidelines for AS-9 (Rev Recog)?

Yogesh Shukla

Yogesh Shukla (Expert)

19 February 2014 provide me your mail, and i will send it (it's in pdf format)

Venkatesh S

Venkatesh S (Querist)

19 February 2014 varadavaradavarada@gmail.com

Yogesh Shukla

Yogesh Shukla (Expert)

19 February 2014 Provided to you
check your mail

Message likes : 1 times

Venkatesh S

Venkatesh S (Querist)

19 February 2014 ya I got it, Thanks a Lot

Venkatesh S

Venkatesh S (Querist)

19 February 2014 is there any other copy of guidelines of AS-9 which is specifically belong to SOFTWARE COMPANY (we are in software develop. & Maintainance
if any CASE LAW als prefer pls.

Yogesh Shukla

Yogesh Shukla (Expert)

19 February 2014 There is no specific copy for Software companies in case of AS-9

Venkatesh S

Venkatesh S (Querist)

19 February 2014 ok Fine, No Problem
and one more clarification is needed:-
( Regarding AS-11 (Forex)
can i capitalise Foreign Exchange Translation Loss as per AS-11 if Yes, pls refer any Supreme court case Laws

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