Recently I have purchased a lifetime subscripttion of a software. If I capitalize this purchase as an intangible asset, does amortization will be applicable with it?
On what basis and how amortization will be applicable? When to amortize and what will be the rate of amortization as per law?
Menu
Amortization of softwares
Replies (1)
-
Accounting (Books): Capitalize as an Intangible Asset and amortize it over its estimated useful economic life (e.g., 3–5 years) using the Straight-Line Method.
-
Income Tax: Claim depreciation at 25% on the Written Down Value (WDV) method under the "Intangible Assets" block, starting from the year it is put to use.
Recent Topics :
- Unbarred returns
- One time commission filing in ITR2
- 600128 HSN rate
- Social Security benefit from US by resident
- E-way notices
- Itr form for Salary income, Interest, Dividend And
- Will my TDS be deducted as NRI?
- PENSION ARREAR RECEIVED - EPS 95 SCHEME
- Processing of Form 144 (prev 27Q)
- Capital Gain on sale of Vacant Land- Whether Demol
Related Topics :
CAclubindia
