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KNOW HOW

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Guest

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Guest (Querist)
14 October 2010 A Pvt.Ltd. co. has paid 2,50,000.00 Rs for "Know How" to ONGC Corp.

Q1-What will the treatment of "Know How" in the books of Co.According to Income Tax.
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Bhaskaran Chackrapani Warrier

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Bhaskaran Chackrapani Warrier (Expert)
15 October 2010 Know how is an intangible asset as per part B of Appendix-1 of rule-5 of Income tax Rules,1962 and hence can be accounted as such on which depreciation can be claimed @ 25 %.
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Guest

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Guest (Querist)
15 October 2010 What will be treatment of "Know How" according to Companies Act?
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Sanjay Dugar

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Sanjay Dugar (Expert)
17 October 2010 Treatment will be as per AS 26 Intangible Assets.

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