Intangible Assets - software

It is called as residual value in this standard.

What will be the depreciation applicable in such a case?

Use the it act depreciation for tax purposes. For company purposes, use the dep formula.

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75. The residual value of an intangible asset should be assumed to be zero unless:
(a) there is a commitment by a third party to purchase the asset at the end of its useful life; or
(b) there is an active market for the asset and:
(i) residual value can be determined by reference to that
market; and
(ii) it is probable that such a market will exist at the end of the asset's useful life.
76. A residual value other than zero implies that an enterprise expects to dispose of the intangible asset before the end of its economic life.
 

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75. The residual value of an intangible asset should be assumed to be zero unless: (a) there is a commitment by a third party to purchase the asset at the end of its useful life; or (b) there is an active market for the asset and: (i) residual value can be determined by reference to that market; and (ii) it is probable that such a market will exist at the end of the asset's useful life. 76. A residual value other than zero implies that an enterprise expects to dispose of the intangible asset before the end of its economic life.