Production expenses
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
13 December 2011
An assessee having a production business pays professional fees to artist and actors amounting to rs 9,50,000.
Though the film has not yet released, what v'l be the treatment of this expenses as well as other production expenses
Though the film has not yet released, what v'l be the treatment of this expenses as well as other production expenses
CA Kishore Tallam
(Expert)
19 December 2011
If the film is not yet released, then the total expenditure incurred till date is to be kept under Inventory WIP and the total movie expenses incurred shall be charged off only when the film is completed in all respects and ready for sale.
Whether the movie is released or not doesn't change the accounting treatment.
Whether the movie is released or not doesn't change the accounting treatment.
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