Preliminary expenses and preliminary income
This query is : Resolved
Rimjhim Gupta
(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?
What is the tax treatment of preliminary revenue of the company? Whether preliminary expenses can be set off against preliminary revenue?
Udaya Chandran
(Expert)
05 February 2018
Preliminary expenses can be amortized for 5 years.
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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