Preliminary Expenses - Please urgent
This query is : Resolved
10 September 2010
As per section 35 D preliminary expenses can be caliamed in 5 equal instalemnts (1/5th) from the year in which business is operated.
I started my business in the eyar 2000. i have not claimed the prelimnary expenses due to lossess.Can i claim the entire amouint of Rs 5 lakhs in the current year 2010?
Please reply. Urgent
I started my business in the eyar 2000. i have not claimed the prelimnary expenses due to lossess.Can i claim the entire amouint of Rs 5 lakhs in the current year 2010?
Please reply. Urgent
CMA Ramesh Krishnan
(Expert)
10 September 2010
No. you need to start claiming from 2000 1/5 of every year and added as loss from the business and the same loss need to be carry forward for further up to 8 years. so please check whether while filing loss return the preliminary expenses portion included or not
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