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Urgrent:- incorporation expenditure written off

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Querist : Anonymous

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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
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Bhaskaran Chackrapani Warrier

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Bhaskaran Chackrapani Warrier (Expert)
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.
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