Treatment of Accounting
This query is : Resolved
28 February 2011
A newly constituted partnership firm is purchasing a franchise.How to account the same inorder to get income tax benefits. whether to charge it as goodwill or asset. If goodwill can we charge 25% depreciation as goodwill is treated as intangible asset in AS 26 or to be charged under fixed asset or priliminary expenditure. Can anyone give detailed notes.
28 February 2011
This is entirely a right and it should be accounted as intangible assets.
01 March 2011
Hi sir thanking u for the valuable reply and if the same is accounted as intangible asset can we claim depreciation @ 25%.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Is this income indian or foreign income?
- 15ca /15cb whose income tax login? remitter or nri seller's login?
- ITC temporary reversal and reclaim
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- GST on export of services and Input Credit
- Regarding Documentation & Compliances for Opening of Unit of Pvt Ltd.
- TDS U/S. 194NF
- Applicable TDS rate for sale of property in Nov 2024
- GST ON EXPORT COMMISSION
- Should I report my US salary for January, February, March in Schedule FA?
- LAST YEAR 2022-23 ITC IN NEXT YEAR 2023-24 REPORITNG IN GSTR-9
- MIS MATCH OF INVOICE NUMBER
- IGST Credit-Show cause notice issued-confusion
- Issue of gst e invoice
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
- Query for dubts
- Regarding einvoice taken on nil rated sales
- Strategical investment in Public listed company
Trending Online Classes
CAclubindia
