Dear All,
Greetings.
A public limited company did not commenced its operation and hence all the expenses related to the project as well as general office and administrative expenses are booked preoperative expenditure. Now, in F.Y. 2013-14, the company invested its surplus funds in FD from where it generated Interest Income of Rs. 3 lakhs.
My query is, can we deduct the general office and administrative expenses against the Interest Income viz. office electricity expenses, printing stationery, telephone, office staff salary, postage telegram etc etc.??
CAclubindia
