Deferred Expenditure
This query is : Resolved
23 December 2008
A Proprietor has incurrend an expenditure of huge amount on rented premises for starting of new business. A rent agreement is non cancellable within period of three years. My question is
Can such expenditure claim over a period of 2 or 3 or 5 years in Income tax Act. Please answer with a case law or section or notification or circular if any.
Can such expenditure claim over a period of 2 or 3 or 5 years in Income tax Act. Please answer with a case law or section or notification or circular if any.
25 December 2008
Can you please give the details of expenses incurred by him and nature of business.
25 December 2008
Expenses are in the nature of civil i.e. its relates to building renovation. Nature of Business is educational institute
Can I claim the said expenditure in 2 years i.e. deferred. Secondly, since its a rented premises, i can't capitalised.
Can I claim the said expenditure in 2 years i.e. deferred. Secondly, since its a rented premises, i can't capitalised.
25 December 2008
Option one - You can claim all the expenditure in the current year.
25 December 2008
Option two - If the amount expended is a huge, then you can also capitalise this amount as building.
25 December 2008
Can I claim the said expenditure in 2 years i.e. deferred. Secondly, since its a rented premises, i can't capitalised.
24 June 2023
"Sorry, I am not a featured member."
For featured members contact....
https://www.caclubindia.com/catalogue/featured.asp
For featured members contact....
https://www.caclubindia.com/catalogue/featured.asp
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
- STCG....................................................
- Supply through E-commerce Operators
- Sales return eway bill
- AMOUNT RECEIVED UNDER COMPULOSRY ACQUISITION OF AGRICULTURAL LAND
- TAN for Partnership
- Relief u/s Section 89
- GST Rate applicable for 0% Food Items sold by an Industrial Caterer
- CA IPCC Registeration in 2012, Is my registration Active or Expired
- GST Registration Horse racing
- Section 43B(h) – MSME Invoice Paid Before Year End but After 45 Days
- Section 54F - Exemption on LTCG in 2026 for HP purchased in 2023
- Sales amount in Gstr1
- CG after sale of flat
- E Commerce GSTR1 & 3B how to file
- Nomination of Bank for refund in itr 2
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
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
