About Depreciation
This query is : Resolved
Jobimon Arackal John
(Querist)
25 May 2009
I have gone through all replies Related to the Depreciation of Software.
Different Persons give different answer .Please give me Current Rate under Companies Act & Income Tax Act
Different Persons give different answer .Please give me Current Rate under Companies Act & Income Tax Act
CA PARVEEN GAMBHIR
(Expert)
26 May 2009
Under Income Tax: @60% on purchase of computer software where ownership of software is transferred. But where licence to use is granted for a specific period it will business expenditure.
Under Companies Act: Refer Schedule XIV or the company may write it off during its useful life as per its policy.
Under Companies Act: Refer Schedule XIV or the company may write it off during its useful life as per its policy.
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