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| This query is : Open
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Author : Anonymous
( Author )
30 April 2012
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Please guide that in new Schedule VI, the preliminary/preoperative expenses have to be written off completely in the Profit & Loss or only 1/5th portion would be written off for the FY 2011-12.
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Mihir Doshi
( Expert )
30 April 2012
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Dear Author,
Revised Schedule VI doesnot prescribe the treatment. It speaks about presentation disclosure.
For preliminary Expense, you need to go through respective Accounting Standard or Guidance note for the same.
Thanks
Mihir doshi
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Mihir Doshi
( Expert )
30 April 2012
|
Dear Author,
Revised Schedule VI doesnot prescribe the treatment. It speaks about presentation disclosure.
For preliminary Expense, you need to go through respective Accounting Standard or Guidance note for the same.
Thanks
Mihir doshi
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Author : Anonymous
( Author )
30 April 2012
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Sir, thanks a lot. Please let me know that if a trading company increases its authorized capital, expenses pertaining to it can be amortized in 5 years u/s 35D or not. Sec 35D speaks of preliminary expenses. Now increase in authorized capital of a trading company is a preoperative expenditure and whether it can be amortized over a period of 5 years u/s 35D in Income Tax? Please guide.
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