pvt company incorporation & preliminary exp.

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CS Amit Kr Jain (Querist)
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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

Aditya Maheshwari

Aditya Maheshwari (Expert)
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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/-.

CS Amit Kr Jain

CS Amit Kr Jain (Querist)
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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/-

Aditya Maheshwari

Aditya Maheshwari (Expert)
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23 August 2010 Would be disallowed as not allowable u/s 35D.

CS Amit Kr Jain

CS Amit Kr Jain (Querist)
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23 August 2010 ok ,thank u sir for your advice

Aditya Maheshwari

Aditya Maheshwari (Expert)
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23 August 2010 You are welcome. You can also thank by using the thank user icon.

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