Taxation in the field of a land developer.
This query is : Resolved
16 September 2014
Taxation in the case of a land developer who starts selling and registering plots before commencement of any development activity on land purchased.
How the provision for development expenses is to be considered for accounts/taxation purposes.
How the provision for development expenses is to be considered for accounts/taxation purposes.
16 September 2014
Provision may created in the books of
account on the estimated expenditure on land development. Add back Provision in the tax computation statement and claim it in the year you spend it.
account on the estimated expenditure on land development. Add back Provision in the tax computation statement and claim it in the year you spend it.
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