Please help Which assets should be capitalised as per income tax

This discussion clarifies whether annual accounting software renewal fees should be capitalised or expensed. The consensus is that recurring software renewals are typically revenue expenses and should be charged to the Profit & Loss account over the period they cover, rather than being capitalised as intangible assets. Capital expenditure usually involves acquiring a new asset or incurring costs where benefits extend beyond one year, which isn't the case for standard annual software renewals.