Hi
Amount paid for increase in authorized capital (for which we have got GAR-7 challan for filing form 5 & 23) should be considered as capital expentiture or revenue expenditure?
Also explain under which group it should be accounted??
please guide.
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Capital expense or revenue expense
Replies (1)
As decided in Punjab State Industrial Development Corporation Ltd. (SC). It is not a revenue exp. And is not deductible. You can charge it from profit and loss account for accounting purpose but in computation of taxable income, it ll be disallowed.
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