Hi
My client has got company incorporated on January 5 , 2016. The share capital is Rs 100,000. They have incurred Rs 17,500 as preliminary expenses within the meaning defiend under secition 35 D.
However total Preliminary expenses under the above section is allowed is Rs 5,000 ( 5% of Share Capital). My client wants the balance Rs Rs 12,500 ( Rs 17,500-5,000) to be allowed as normal business expneses
Is it allowed?