Treatmet of purchase of tally software
This query is : Resolved
ajai kushwaha
(Querist)
11 June 2011
Dear, sir
What will be the accounting treatment of purchase of Tally software of Rs.11,500?
Regards
Ajai Kushwaha
What will be the accounting treatment of purchase of Tally software of Rs.11,500?
Regards
Ajai Kushwaha
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..
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
(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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