Very urgent-preoperative expenses

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This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

11 July 2016 If one new pvt company incorporated in Fy 2015-2016 . company has incurred total expenses 31 lacs including purchase and expenses with nil turnover

can we treat all expenses as a preoperative expenses for fy 2015-2016.

please give me some circular and link for above query

Amol S Joglekar

Amol S Joglekar (Expert)

11 July 2016 for private company, since no commencement certificate is required, it is not pre operative.....
you bifurcate the same in incorporation expenses and non incororation.....purchases is revenue exp

Querist : Anonymous

Querist : Anonymous (Querist)

11 July 2016 Amol sir, after getting incorporation certificate company incurred expenses on purchase, salary,rent , administrative expenses etc. RS. 31 lacs with nil turnover since it is manufacturing company
company has closing stock also

please describe in detail

Amol S Joglekar

Amol S Joglekar (Expert)

11 July 2016 so? Prepare manufacturing account...There may not be any Gross LOSS

Then....salary, rent, administrative expenses, amortisation of incorporation expenses will result in NET LOSS

File the income tax return before due date

Querist : Anonymous

Querist : Anonymous (Querist)

11 July 2016 so can we file loss return for this company....

Querist : Anonymous

Querist : Anonymous (Querist)

11 July 2016 so can we file loss return for this company....actually we have shown all expenses as a pre operative .

Amol S Joglekar

Amol S Joglekar (Expert)

11 July 2016 yes, you can very well file the LOSS return.

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