Expenses relating to issue of Debentures
This query is : Resolved
01 July 2010
whether the expenses relating to issue of debentures(like professional fees,documentation fees) are preliminary expenses? company has not started its commercial operations ...project is under construction...company is a real estate company..pls give Section reference to Companies Act
01 July 2010
Section 35D(2)(c)(iv) of the Income tax Act,1961 says the referred expenditure is preliminary expenses. But Companies Act,1956 does not contain a separate section for preliminary expenses. Therefore, for accounting purpose, the company can follow Accounting Standard 26 and for Income tax purpose section 35D as well.
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