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?
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Amortization of softwares
Replies (1)
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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.
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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.
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