Amit Sarawgi (C.A. Final & Arical) (101 Points)
16 August 2010Hi friends,
I want to know that how a audit can be performed of a firm in which proprietor is a company and firm is currently established i.e. in year July, 2009. and a company is also under construction. No transaction was made during the year
So what is the taxation system in case of such firm and can the firm claim expenses of proprietor company?
Aditya Maheshwari
(CA in Practice)
(35867 Points)
Replied 16 August 2010
If the gestation period is big and some asset or factory is being constructed then capitalise all the expenses incurred during the year.
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