Pre operative expenses
This query is : Resolved
13 June 2013
if a co. incurs audit fees,roc filing fees of various forms like form 2, 32, annual filing forms, printing and stationery, travelling exp and other general exp before commencement of its operation in a financial year, then what will be its treatment in accounts and as per income tax?
are they preoperative expenses? what will be the treatment in books if they are same?
are they preoperative expenses? what will be the treatment in books if they are same?
13 June 2013
claim exp as current year exp in income tax act
and under co. act treat as preoperatie exp. and write off in 5 year
and under co. act treat as preoperatie exp. and write off in 5 year
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15 June 2013
but sir,
as per revised schedule VI of cos act, now there is no scope for preliminary and properative exp to be shown as assets
many experts have given opinion to write them off completely
as per revised schedule VI of cos act, now there is no scope for preliminary and properative exp to be shown as assets
many experts have given opinion to write them off completely
15 June 2013
Yes. presently after revised schedule VI implementation, there is no concept of the miscellaneous Expenses under asset, what ever is there need to be adjusted with p&l a/c balance only. so you can debit the expenses in p&l a/c
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