Preliminery expenses
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
25 March 2016
Dear Experts,
Weather preliminery expenses can be deductable as expenses..
Regard
Nitin sharma
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.
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.
Querist : Anonymous
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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