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Intangible asset

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(Querist)
03 May 2014 Renewal charges paid for tally software will be debited to p&l or added to the value of asset...?
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Nischit Sanghavi

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Nischit Sanghavi (Expert)
03 May 2014 It will be debited to P&L A/c
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CA PARAS BAFNA

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CA PARAS BAFNA (Expert)
03 May 2014 Renewal charges can be debited to P&L A/c.
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CA SURENDRA KUMAR RAKHECHA

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CA SURENDRA KUMAR RAKHECHA (Expert)
04 May 2014 No new asset was purchased hence it is revenue expenditure.

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