Allowability of preliminary exp
This query is : Resolved
Dinesh Bhattacharya
(Querist)
31 December 2012
A company had debited the entire amount of prelimiary exp in the first year of its incorporation showing loss along with other administrative expenses. Can the Company claim the expenses in five(5) equal instalments for Income Tax purpose in subsequent years? If yes, where this item of exp. would be fiiled up in ITR-6. Also, " prior period exp", being disallowable, - where to put this amount in ITR-6 ?
Aditya Agarwal
(Expert)
31 December 2012
Yes as per section 35D of the Income Tax, preliminary expenses need to be deducted in 5 equal installments.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- TDS Challan - change of FY 2025-26 to TY 2026-27
- Gst registered proprietorship firm
- AUDITOR APPOINTMENT FOR THE YEAR ENDING MARCH 27
- GST Intimation due to Government took possession of Business Premises under PPE Act
- Non filing of I T Returns
- TDS on Fixed Assets purchased
- SALARY CAN BE CAPITALIZE
- TDS on purchase of under construction property from a reseller
- GST on Renting godown to KFCSC for Storage of Raagi
- How to Handle Active E-Invoices in GST Portal Deleted from Tally?
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Starting trading business
- Regime change
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
