One of my friend has query and now I have also :
Website is an asset or not?? Whether depreciation U/S 32 is allowable ?? If revenue explain or if capital explain in detail?
Menu
Website??
Replies (2)
It depends on sucsess of website . As per as 26 it's an intangible assets if website does not get enough recognition for the purpose to whom it was primiliary ment to meet than according to method suggested by As 26 it should be expensed in year in which it was incurred . Other wise it can be capitalised if other condition mentioned in Accounting standard 26 are met.
There is a supreme court judgement on this. SC has held that development of website shall be treated as revenue expenditure.
I cannot recall the name of the judgement. But it should be 6 month old.
Recent Topics :
- TDS ON IMMOVABLE PROPERTY - PURCHASE FROM NRI &
- Query to Tax Garden tax consultant
- Subject: Urgent Assistance Required – TRACES
- Claiming business re-imbursements while filing GST
- E-waybill 14 Digit Numbring
- Non filing of MGT-14 for MD appointment
- HUF AFFIDAVIT vs HUF DEED - REQUIREMENTS & STA
- Free Pre-Filing Tool to Match GSTR-3B vs GSTR-2B (
- MR AASHOK KUMAR SHARMA
- NIC codes for FIRMS registration of entity
Related Topics :
CAclubindia
