preliminary expenses
This query is : Resolved
19 August 2009
WE STARTED PVT. LIMITED COMPANY FOR COMPUTER SOFTWARE DEVELOPMENT ON 01/10/2007 FOR WHICH I HAD MADE EXPENSES FOR REGISTRATION OF COMPANY AND OTHER LEGAL EXPENSES FOR RS. 15000/- OUR AUTHORISED CAPITAL IS RS. 100000/- HOW MUCH WE CAN BOOK PRELIMINARY EXPENSES FOR THE YEAR 2007-08. WE THINK 5% OF THE AUTHORISED CAPITAL IN FIVE EQUAL INSTALLMENT.IN OUR POIT OF VIEW RS. 3000/- WIL BE DEDUCTED FOR THE YEAR 2007-08 . ARE WE RIGHT ?
20 August 2009
Yes as per income tasx act, the preliminary expenses are allowable in five year but as per companies Act, you can w/off in 10 years.
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