prelimenary expenses
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
21 July 2010
can any set of expenditure can be set off as prelimenary expenditure?can we set off all expenditure in 5 years?
21 July 2010
preliminary expenditure eligible for writeoff is 35D of the Income Tax Act and in the AS-26.
22 July 2010
As per Section 35D deduction for preliminary expenses is restricted to 5% of the paid up capital of the company allowable in five installments.
Preliminary expenses generally include the expenses incurred in setting up the company and bringing it into existence.
Preliminary expenses generally include the expenses incurred in setting up the company and bringing it into existence.
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