tratment of software during tax audit

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....ratment of software during tax audit<br> Query (Issue) Started By: - RISHABH KHANDELWAL Dated:- 26-8-2011 Last Reply Date:- 27-8-2011 Income Tax<br>Got 1 Reply<br>Income Tax<br>Purchasing a tally soft....

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....ware worth rs. 12000 during tax audit what treatment will be done? 1) wheteher shown in repair & maintenance ac/c 2) w2hether shown in fixed assets a/c. Reply By DEV KUMAR KOTHARI: The Reply: Who....

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.... is purchasing software a CA or a business unit? What do you mean during tax audit- is it for purposes of tax audit or specifically during course of tax audit t overcome typical problems? Softwar ma....

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....y be capitalized under head computers and software. For tax purpsoes rate of deprecaiton is 60% ( half will be allowed if used for less than 180 days) . In case of replacement, one can treat it as rev....

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....enue expenditure but it may involve litigation, becasue repalcement is also enerally with further advanced softwre. In case of crash of computer, and then replacement, it may be regarded as revenue ex....

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....penditure. Do not go for litigation for small sums. For examination purpose better you treat it as part of block of asset.<br> Discussion Forum - Knowledge Sharing ....