Preliminary Expenses
This query is : Resolved
20 August 2009
Can Preliminary Expenses be completely written of by the Company in its first year.So will it be allowed in the statement of Income?
20 August 2009
As per companies Act you can charge off the preliminary expenses in the first year itself.
But According to the Income Tax Act, you have to amortise these expenses in 5 Years.
Regards'
Yatesh Renuke.
But According to the Income Tax Act, you have to amortise these expenses in 5 Years.
Regards'
Yatesh Renuke.
CA.Nikhil Gupta
(Expert)
20 August 2009
agree
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