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Preliminary expenses and preliminary income

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(Querist)
03 February 2018 Sir,
What is the tax treatment of preliminary revenue of the company? Whether preliminary expenses can be set off against preliminary revenue?
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Udaya Chandran

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Udaya Chandran (Expert)
05 February 2018 Preliminary expenses can be amortized for 5 years.
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Rahul Srivastava

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Rahul Srivastava (Expert)
05 February 2018 Preliminary Expenses is written off in 5 Year as per Income Tax Act u/s 35D. All preliminary Revenue is Taken in Book of accounts of Company after make agreement between company and parties in general meeting.
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