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Kanhu charan dssh (Accountant)     18 September 2021

Expenses capitalized

Dear sir

in my queries, in first year of partnership firm can I expenses capitalized like, labour cost , consultancy fee, if yes then how do take benefit in next Year.


 4 Replies

Sourav

Sourav (Student)     19 September 2021

Please elaborate your query in details
yasaswi gomes

yasaswi gomes (My grammar is 💯 good I)     19 September 2021

You either capitalise or take tax exemption. Capitalised expenses are tax allowable. If the government is giving incentives, then it is tax exempt.

Sravan Reddy G

Sravan Reddy G (Ca_Articalship)     19 September 2021

All those expenses are added to that asset
1 Like
yasaswi gomes

yasaswi gomes (My grammar is 💯 good I)     19 September 2021

@ Rajnikanth I have a doubt because I’m not into tax. Don’t you get tax savings as part of amortising them into cost of sales? 


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