Depretiation and preliminary exp.

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

07 October 2013 I am working in a private com...
1..what to do of preliminary exp? it should be written of in 5 years or in one year or as per management decision ?TREATMENT FOR COM.LAW AND FOR INCOME TAX..
2. Traement of depretiation should be as per income tax or com.law ?
3. we have to prepare 2 REPORTS...i.e as per income tax and company law?

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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07 October 2013 Ans1. write off in 5 years.
Ans2.treatment as per compnay law and generally accepted accounting principle and concepts.

Ans3$ 4.For passing entries and reports,it should be as per Company law only.

Querist : Anonymous

Querist : Anonymous (Querist)

07 October 2013 sir ,
Written off preliminary expenses within 5 years is of income tax u/s 35D...not as per the company law..
so how can i do this...

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