pvt company incorporation & preliminary exp.
This query is : Resolved
23 August 2010
sir
Our company is a newly formed pvt ltd company like to know that , How will be the accounting entries and under which heads of following details.
form-1,18,32 -registration fees-58000/-
printing & drafting MOA & AOA-15000/-
service charge paid for filing everything-10000/-
Paid up capital is-10lakh for now
and how it will be treated for income tax purpose as per deduction u/s 35D
Our company is a newly formed pvt ltd company like to know that , How will be the accounting entries and under which heads of following details.
form-1,18,32 -registration fees-58000/-
printing & drafting MOA & AOA-15000/-
service charge paid for filing everything-10000/-
Paid up capital is-10lakh for now
and how it will be treated for income tax purpose as per deduction u/s 35D
23 August 2010
As per books
Total preliminary expenses = 58000 + 15000 + 10000 = 83000
1/5 write off = 83000/5 = 16,600
For IT purpose
maximum deduction = 10,00,000 * 5% = 50,000
1/5 allowable in five years = 10,000
Deduction allowable = 10,000/-.
Total preliminary expenses = 58000 + 15000 + 10000 = 83000
1/5 write off = 83000/5 = 16,600
For IT purpose
maximum deduction = 10,00,000 * 5% = 50,000
1/5 allowable in five years = 10,000
Deduction allowable = 10,000/-.
23 August 2010
sir
what will happen to remaining 33000/-
can it be allowed as legal charges or professional fees as not paid to Roc and
and which paid to ROC as Filing fees.as
the CA X cons. pvt ltd has given single bill of Rs 83000/-
what will happen to remaining 33000/-
can it be allowed as legal charges or professional fees as not paid to Roc and
and which paid to ROC as Filing fees.as
the CA X cons. pvt ltd has given single bill of Rs 83000/-
23 August 2010
Would be disallowed as not allowable u/s 35D.
23 August 2010
ok ,thank u sir for your advice
23 August 2010
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