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Depriciation

NILESH PRAJAPATI (EXECUTIVE ACCOUNTS) (66 Points)

12 September 2012  

can any one solve my query as given below ?

we have purchase e-tds software, my question is that can we take depriciation / amortization ?

 

regards

Nilesh


 4 Replies

HARISH BANSAL (student) (229 Points)
Replied 12 September 2012

First tell me Whether it is only for 1 year Or u can use it for more than 1 year ?If it is for only 1 year & u have to make payment every year then u can Debit it in P&l Account. And if u can use the software for more than 1 year without every year Payment then u can show it ur Intangible Asset, And after it u can Claim Dep on Intangible Assest .

NILESH PRAJAPATI (EXECUTIVE ACCOUNTS) (66 Points)
Replied 12 September 2012

we have taken this software for 1 year payment but we will update this software in next year with paying updation charges.

Bhaskar Unnikrishnan CPA CMA (Accounts / Administration)   (394 Points)
Replied 12 September 2012

If you use this software by paying fixed subscriptttion every year, better transfer to P&L rather than Intangible Asset.

HARISH BANSAL (student) (229 Points)
Replied 12 September 2012

Yes, Agree with Mr. Bhaskar Unnikrishnan


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