Preliminary exp

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

02 July 2012 In case company incurred expenditure for raising authorised capital.
How should it be written off. If company already has prel exp in balance sheet required to written off in balance period.(2 yrs)

e.g prel exp (opening) not written off 10K, filing fees for raising capital 5K, total 15k.
Whether total 15k will be written off in 5 yrs
or 10k be written off in remaining yrs (2 yrs ) and 5k shall be written off in 5 yrs.

CA CS Amit S. Kedia

CA CS Amit S. Kedia (Expert)
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02 July 2012 In income tax deduction of fees paid for increasing the authorised capital is not allowed.
however filing fees is allowed u/s 35D in 5 years.
however, the amount is not material, can be claimed in the year of expenditure itself.
As per books, the amount will be expended out in the year of expenditure only.

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