Tally software depreciation rate??
saurabh sawlani (2183 Points)
14 May 2021tally software per depreciation rate kya hai?? or tally software ko fixed assets me show karna correct rhega na?
regards,
saurabh sawlani (2183 Points)
14 May 2021
CMA Poornima Madhava
(CMA)
(13112 Points)
Replied 14 May 2021
For software, rate of depreciation is 40% under IT Act.
Initial purchase of software is an asset. Yearly renewal is an expense.
veerendar singh
(tax consultant)
(3301 Points)
Replied 14 May 2021
CMA Poornima Madhava
(CMA)
(13112 Points)
Replied 14 May 2021
Yearly renewal cannot be done without buying the software initially.
veerendar singh
(tax consultant)
(3301 Points)
Replied 14 May 2021
Karan Kotecha (K K)
(2 Points)
Replied 22 January 2023
If its a yearly subscripttion you can charge it P&L. You may also calculate prorata and put some amount in prepaid if required.
LIVE Course on Foreign Exchange Management Act (FEMA)(with recording)
LIVE Form 10 B and Form 10BB: Handle Tax Audit Reports of Charitable Organizations(with recording)