Prelimiary Expenses - Please reply
This query is : Resolved
25 December 2010
Mr A, an assessee had incuredd Rs 25 lakhs as prelimiary expenses. Instead of claiming 1/5 th of the total in 5 years, he claimed 1/10th of the total expenses in 5 years.
so after the 5 th year, he had a balance not written off amounting to Rs. 12.5 lakhs.
Can the entrire balance be amorties in the 6 th year? IS it allowable under the income tax act? 35 D says has to be claime din 5 years. Can the balance be claimed now.
Please reply
so after the 5 th year, he had a balance not written off amounting to Rs. 12.5 lakhs.
Can the entrire balance be amorties in the 6 th year? IS it allowable under the income tax act? 35 D says has to be claime din 5 years. Can the balance be claimed now.
Please reply
25 December 2010
if entire expenses have been claimed in the intial 5 years then additional claim not allowable.
In books balance amount can be amortised in the 6th year.
If company incorporatted before 31.03.1998 then deduction was allowable in 10 instalments.
In books balance amount can be amortised in the 6th year.
If company incorporatted before 31.03.1998 then deduction was allowable in 10 instalments.
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
- Refund Annexure-B
- House Property Reporting in ITR
- TDS Claim year
- Liable to deduct tds and 44ADA
- TDS Challan Code
- Refund of 20%pre-deposit paid for stay application
- Nomination of Bank for refund in itr 2
- Section 56(2) of the Income tax Act 1961 , Gift to relative .
- Rent lease agreement
- SGST balance is there in credit ledger how to adjust for cgst
- Internship/Academic shown in Salary Pay Slip of a Doctor
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
