Save Rs 499 on a 2-Year Ad-Free CAclubindia Pro Membership. Subscribe Now!

Regarding LLP logo( trade mark)

315 views

Save Share

Join Us Follow Us Add as Source

Venu Gowda

93 Points Posted on 15 October 2021

dear sir,

1.. wt is the useful life of the logo( trade mark )??? and dep rate???

Replies (5)

Quick Summary

This discussion clarifies the useful life and depreciation rates applicable to LLP logos, which are considered trademarks. It explores whether depreciation rules from the Companies Act or Income Tax Rules 1961/1962 apply. The consensus leans towards using Income Tax rules, with a potential depreciation rate of 25%, but confirmation is sought regarding the applicability of Schedule 2 of the Companies Act 2013 to LLPs for depreciation purposes.

prasad Nilugal

GST Practitioner & Accounts

15140 Points Posted on 15 October 2021

Since Depreciation as per Companies Act not applicable to LLP , please refer Depreciation rate as per Income rules 1961 . I think its 25% please confirm , also confirm use life .

Venu Gowda

93 Points Posted on 15 October 2021

Tq u soo much sir

prasad Nilugal

GST Practitioner & Accounts

15140 Points Posted on 15 October 2021

please confirm from Income Tax rules 1962 .

Venu Gowda

93 Points Posted on 15 October 2021

As per 1961 act, dep rate is 25%

prasad Nilugal

GST Practitioner & Accounts

15140 Points Posted on 15 October 2021

As per section 67 of the LLP Act 2008 , certain provisions of companies act are applicable to LLP , so you have confirm that whether shedule 2 of companies act 2013 , is applicable or not , shedule 2 is for Depreciation . I think it's not applicable but please confirm .