Income-tax
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
23 February 2012
Sir, how could segregate the expenses when prepare revenue and expenditure and Capital account.
suppose i prepared an Individual's statement at the time how could i select the expenses for person's capital a/c or revenue expenditure account. please kindly clarify this.
Thanking you in advance for the clarification
Sir, how could segregate the expenses when prepare revenue and expenditure and Capital account.
suppose i prepared an Individual's statement at the time how could i select the expenses for person's capital a/c or revenue expenditure account. please kindly clarify this.
Thanking you in advance for the clarification
28 February 2012
All expenses in the nature of revenue are to be booked as revenue expenditures and all expenses on account of capital to be booked as capital expenses. Now, the problem may arise at the time of construction of a unit of factory where most of the revenue expenses are incurred but the unit has not yer started in that case book the revenue expenses as it is and carry forward the same int he next year. After the unit is completed divide all the expenses in the proportion of the value f capital assets.
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