Accounting Standard - 26
This query is : Resolved
19 July 2008
whether preliminary expenses should be written off within one year or it canbe written off for the period of 5 years?
S.Srinivasaraghavan
(Expert)
19 July 2008
In books of accounts it has to be written off fully. In IT return the allowance will have to be spread over.
19 July 2008
Expenses incurred after the applicability of AS26 are to be w/off in the year of their spending while the expenses incurred earlier and appearing in the B.Sheet may be w/off over five years.
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