Kishore Nuthalapati (Accountant for multiple small entities) (171 Points)
21 August 2023
Musrath Shaik
(175 Points)
Replied 22 August 2023
The depreciation of software, which is considered an intangible asset, can vary based on the accounting standards being followed, the company's policies, and the nature of the software. As of my last update in September 2021, I can provide you with a general understanding, but please note that the rates and guidelines may have changed since then. It's also important to consult with a qualified accountant or financial professional for the most accurate and up-to-date information.
Under International Financial Reporting Standards (IFRS) and Generally Accepted Accounting Principles (GAAP), software is typically treated as an intangible asset.
For further more detailed information on this topic visit:Depreciation under the Income Tax Act
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