Urgrent:- incorporation expenditure written off
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
21 June 2012
Dear Sir,
Is Incoporation exp. written off in one year or not as per companies act and why
kindly also explain as per income tax act sec 35d
Is Incoporation exp. written off in one year or not as per companies act and why
kindly also explain as per income tax act sec 35d
21 June 2012
i) For accounting purpose:-
In accordance with 'Accounting Standard 26', incorporation expenses should be expensed by way of charge to the profit and loss account in the period in which these expenses are incurred.
ii) For income tax purpose:-
Section 35D can be availed through tax computation statement.
In accordance with 'Accounting Standard 26', incorporation expenses should be expensed by way of charge to the profit and loss account in the period in which these expenses are incurred.
ii) For income tax purpose:-
Section 35D can be availed through tax computation statement.
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