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.
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Expenses capitalized
Replies (4)
Please elaborate your query in details
You either capitalise or take tax exemption. Capitalised expenses are tax allowable. If the government is giving incentives, then it is tax exempt.
All those expenses are added to that asset
@ 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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