Mining prospecting expense- revenue or capital??
This query is : Resolved
22 September 2012
Mining prospecting expenses is revenue or capital in nature under two circumstances:
a) Prospecting is not fruitfull.
b) Prospecting is fruitfull.
a) Prospecting is not fruitfull.
b) Prospecting is fruitfull.
22 September 2012
Not sure, just sharing my views so that you can think from that point of view.
i would co-relate mining prospect with R&D kind of expense. where you carry out some research on feasiblyt of product and this research cost is Expnsed off whether fruitfull or not (AS-26 Intangible assets) Development cost is amortised over a period of time.
lets wait for some more replies.
i would co-relate mining prospect with R&D kind of expense. where you carry out some research on feasiblyt of product and this research cost is Expnsed off whether fruitfull or not (AS-26 Intangible assets) Development cost is amortised over a period of time.
lets wait for some more replies.
Message likes :
1 times
22 September 2012
Sir i want answer from tax point of view for deduction purpose.
22 September 2012
its been long time hard to remember yet i can recall section 35 in income tax deals with Resrch & Dev exp.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- CG Tax On residential property
- Applicable TDS for Purchase of Flat from NRI
- Claiming exemption of perquisite for employee-owned car under New Tax Regime in ITR-2
- Under construction property in ITR
- Gift of mutual fund units to daughter
- Not able to file ITR
- Upload Level ValidationITR3Category of Defect B/D
- NRI ITR2 account in 2025-26 ,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,.
- Building tax payment deduction in rental Income
- PPF interest-As Exempt Income disclosure
- PF Taxable Income
- Clarification on Tax Audit Applicability and Reporting of F&O Transactions in ITR-3
- Interest credited in FY2025-2026 & TDS therein by EPFO does not reflect in AIS or Form 26AS
- 44ad eligble money lending interest
- Delisted shares sold in off market/ Rebate u/s87A
- In Exports Sales HSN details where to fill
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- Difference in tax comparison report
- Gst invoice numbering and delivery challan numbering
- Sales amount in Gstr1
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
