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.
You either capitalise or take tax exemption. Capitalised expenses are tax allowable. If the government is giving incentives, then it is tax exempt.
@ 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?
Naveen Fintech Pvt Ltd
Kolkata
CA Inter
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Gupta Sachdeva & Co. Chartered Accountants
New Delhi
CA Final
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CAclubindia
