Sir, If an I.T. Firm purchase a new web software and mobile app from some other I.T. software vendor then the cost of purchase is a fixed asset or a revenue expenditure for purchaser in their books of account. If it is fixed asset then what is the rate of depreciation?
Software a part of Fixed Assets i.e. Capital Expenditure and Rate of Depreciation is 40%.
Sir I am purchase tally prime software from tally vendors it is fixed assets or software expenses ??
tell me sir
It's an intangible asset under fixed asset and treat it accordingly as per AS standard. Amortisation is applicable.
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