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preliminary expense treatment in companies act 2013

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(Querist)
22 November 2016 what should be the treatment if a new company is incorporated and it has only the preliminary expenses in first year ?
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CA Amrita Chattopadhyay

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CA Amrita Chattopadhyay (Expert)
23 November 2016 The Companies Act does not specify any specific treatment for preliminary expenses. However, the expenses can be written off within a period of 5 years as per Income Tax Act.
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