Computer software is tangible or intangible asset

intangible asset

what is the rate of depreciation as per companies act & income tax act?

Its 60% as per IT ACT..

And for accounting purpose, most of the companies consider 40% SLM..

Dear Shravanthi,

the rate is 60%

Dear Shravanthi,

the Rate is 25 % for Intangible Assets. but Comp Software falls under the Computers catagory and thus the rate ios 60%.

for IT, the classification is under Computer and COmp Software but as far as the accounting nature of the asset is concerned it is IA

Can u provide me Revised Schedules VI in excel format? with an Example I mean Financial statements of any Company as per revised schedule.

Shravanthi

i am sending you a PM

FOE COMPANIES ACT SOFTWARE IS AN INTANGIBLE ASSET FOR WHICH RATE OF COMPUTERS CANNOT BE APPLIED. HENCE AS 26 COMES INTO PICTURE AND IT SHALL BE AMOETISED FORR A PERIOD LESS THAN 10 YRS