Consulting fees paid to research & development accounting treatment

Adarsh S (self employed) (37 Points)

05 January 2019  

Sir,

   Our company paid consulting fees for consultants who are expert in software and hardware for conducting R&D and to enhance the products offered by company.

1.) is it accounted as expense or intangible assets?

2.) if as intangible assets what is the rate of depreciation asper companies act and life of assets?

Please reply......