Software license

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Venkatesh S (Querist)
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19 February 2014 1) If i am using Software license can i shown it as "Asset" ?
2)How do i calim depreciation for the License as per IT Act and rate of dep if applicable ?

Yogesh Shukla

Yogesh Shukla (Expert)
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19 February 2014 It will be treated as intangible asset, and there is no need of depreciation on intangible asset

Venkatesh S

Venkatesh S (Querist)
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19 February 2014 On what basis u say we can not claim dep, there is 25% and 60% two separate rates are there right?

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Yogesh Shukla

Yogesh Shukla (Expert)
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19 February 2014 On Computer & its Software the rate of dep. as per IT is 60%
But on License it's not applicable

Venkatesh S

Venkatesh S (Querist)
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19 February 2014 Then u/s 32 of IT Act what are all comes in definition of intangiblae asset classification ?

Yogesh Shukla

Yogesh Shukla (Expert)
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19 February 2014 Patents, copyrights, trademarks, licences, franchises or any other business or commercial rights of similar nature are intangible assets according to section 32

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Venkatesh S

Venkatesh S (Querist)
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19 February 2014 Then 25% rate of Dep applicable Right?

Yogesh Shukla

Yogesh Shukla (Expert)
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19 February 2014 In case of Software License 25% rate is not applicable

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Venkatesh S

Venkatesh S (Querist)
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19 February 2014 Then u want treat as Revenue nature?
and pls let me know how do i add u as friend

Venkatesh S

Venkatesh S (Querist)
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19 February 2014 Can u pls let me know where i get Guidelines for AS-9 (Rev Recog)?

Yogesh Shukla

Yogesh Shukla (Expert)
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19 February 2014 provide me your mail, and i will send it (it's in pdf format)

Venkatesh S

Venkatesh S (Querist)
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19 February 2014 varadavaradavarada@gmail.com

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Yogesh Shukla

Yogesh Shukla (Expert)
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19 February 2014 Provided to you
check your mail

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Venkatesh S

Venkatesh S (Querist)
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19 February 2014 ya I got it, Thanks a Lot

Venkatesh S

Venkatesh S (Querist)
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19 February 2014 is there any other copy of guidelines of AS-9 which is specifically belong to SOFTWARE COMPANY (we are in software develop. & Maintainance
if any CASE LAW als prefer pls.

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Yogesh Shukla

Yogesh Shukla (Expert)
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19 February 2014 There is no specific copy for Software companies in case of AS-9

Venkatesh S

Venkatesh S (Querist)
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19 February 2014 ok Fine, No Problem
and one more clarification is needed:-
( Regarding AS-11 (Forex)
can i capitalise Foreign Exchange Translation Loss as per AS-11 if Yes, pls refer any Supreme court case Laws