Foreign exhibition expenses
This query is : Resolved
Kapil Jain
(Querist)
05 August 2015
Respected Members,
My sir visited at foreign exhibition held in Dubai in May 2015. But payment for this exhibition is made in Jan 2015, since the amount involved is huge, i want to clarify, Whether this expense should be shown as prepaid expense in F.Y 2014-15 or not ? If yes,then on what basis??
please reply
My sir visited at foreign exhibition held in Dubai in May 2015. But payment for this exhibition is made in Jan 2015, since the amount involved is huge, i want to clarify, Whether this expense should be shown as prepaid expense in F.Y 2014-15 or not ? If yes,then on what basis??
please reply
Amol S Joglekar
(Expert)
05 August 2015
what is the need to show it as prepaid expenses...Hope you are asking the same from Income Tax perspective.
From accounting view point, you may amortise the same as per the enduring benefits to be derived out of the same. But for income tax you can claim it in the year in which they are incurred.
From accounting view point, you may amortise the same as per the enduring benefits to be derived out of the same. But for income tax you can claim it in the year in which they are incurred.
Kapil Jain
(Querist)
08 August 2015
thanks ,
means we need to take it as prepaid in 2014-15 ??
means we need to take it as prepaid in 2014-15 ??
Amol S Joglekar
(Expert)
08 August 2015
yes, for the year ending on 31/03/2015, it will be prepaid expenses.
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