exp incurred for building
This query is : Resolved
07 October 2009
i suppose to account for new co.
office for rent,
and expenses incurred for renovation of complete office , should i account for repairs & maintenance or account at building
office for rent,
and expenses incurred for renovation of complete office , should i account for repairs & maintenance or account at building
K V Subba Rao
(Expert)
07 October 2009
This is rather a complicated subject as you may find from following two links:
https://www.taxguru.in/income-tax-case-laws/renovation-expenses-incurred-on-leased-premises-and-allowability-of-same-as-revenue.html
https://www.itatindia.com/datafolder/flash/Flashbn11-9-09_3.htm
You may like to consider treating the expendiure as of deffered revenue nature and write off over lease period
https://www.taxguru.in/income-tax-case-laws/renovation-expenses-incurred-on-leased-premises-and-allowability-of-same-as-revenue.html
https://www.itatindia.com/datafolder/flash/Flashbn11-9-09_3.htm
You may like to consider treating the expendiure as of deffered revenue nature and write off over lease period
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