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Preliminary expenses accounting treatment under companies ac

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(Querist)
23 May 2013 Whether 100% exps. can be trf. to p&L a/c?? or like I.Tax 1/5 to trf. in company books of accounts.
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deepa

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deepa (Expert)
23 May 2013 preliminary expense can be written off 100% to p&l as it is not an asset as per AS-26.and as per income tax act 1/5 will be allowed as deduction for 5 years.
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