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Treatmet of purchase of tally software

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(Querist)
11 June 2011 Dear, sir

What will be the accounting treatment of purchase of Tally software of Rs.11,500?



Regards

Ajai Kushwaha
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Rakesh Jain

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Rakesh Jain (Expert)
11 June 2011 Dear Ajai,

Said software should be capitalised under the gross block of computers for the purpose of income tax act and for the purpose of company act it should be capitalised under software head and should be depreciated @ 20% or on the basis of a reasonable life period of such software..
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Praveen Maheshwari

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Praveen Maheshwari (Expert)
14 July 2011 As per Provision of Income Tax Act-1961 the software will fall under Bock of Computer and you will be allowed Depreciation @ 60%
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