Preliminery expenses

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Querist : Anonymous

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Querist : Anonymous (Querist)
25 March 2016 Dear Experts,
Weather preliminery expenses can be deductable as expenses..

Regard
Nitin sharma

25 March 2016 1. Can be fully deducted by writing off through P & L account.

2. But for income tax purpose 1/10th will be allowed for 10 years from the year of commencement of business . For details please see 35D (2) and (3) of Income tax Act,1961.

25 March 2016 1/10th and 10 years may be substituted to 1/5th and 5 years respectively ,if the expenditure is incurred after 31.3.1998.

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Querist : Anonymous

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Querist : Anonymous (Querist)
25 March 2016 Sir if preliminary exp. Is incurred after 31/3/1998 then 20% exp. Can be claimed per year right....


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