One of my friend has query and now I have also :
Website is an asset or not?? Whether depreciation U/S 32 is allowable ?? If revenue explain or if capital explain in detail?
2 Replies
suman
(Auditor )
(388 Points)
Replied 21 June 2011
It depends on sucsess of website . As per as 26 it's an intangible assets if website does not get enough recognition for the purpose to whom it was primiliary ment to meet than according to method suggested by As 26 it should be expensed in year in which it was incurred . Other wise it can be capitalised if other condition mentioned in Accounting standard 26 are met.
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