Menu
Fictitious Assets
What is Fictitious Assets ?
Replies (7)
Quick Summary
Fictitious assets means , asset which are not represented by anything concrete ,there is no tangible property . For example preliminary Expenses , Commission or brokerage on under writing shares etc .
Fully agree with above comment
As preliminary expenses , commission, brokerage etc. are expenses so why we are taking it into asset
We are showing under asset because ,we have to written off such type of Expense in the coming years and balance carried forward to next year for write off i.e preliminary expense incurred at time of incorporation of company is to be written off as per section 35(d) of the Income tax act 1961 within stipulated time period.
I just want correct my second reply above preliminary expense can be written off within five year , however as per section 35 of the income Tax act , total preliminary expense can not be more than 5 % of the capital employed , which can be amortized in five equal installment .
Prasad is correct
Hi Saurav what happened and not cominf anymore? It was nice in the old days. Fictious assets? Who cares about interviews anymore when you dont get a job as a CEO?
Recent Topics :
- NSFA(National Food Security Act) commission
- RCM applicability on petty GTA freight (₹450
- Short payment reccieved in export & GST implic
- Parag Gupta vs Purushottam Aggarwal- who is best f
- GST applicability on own-vehicle goods transportat
- FAST DS Scheme 26
- 12A registration expired in FY 22-23 and is not re
- Seeking Clarification on Business Code Selection a
- CG on property sold after construction of a house
- Nursing Home Taxability
Related Topics :
ARTICLESHIP
01 September 2026
Articles
Saini Pati Shah & Co LLP, Chartered Accountants
Mumbai
CA Foundation
View Details
ARTICLESHIP
15 September 2026
Freelance Taxation Content Writer Intern
Interactive Media Pvt Ltd.
New Delhi
CA Inter
View Details
Featured
11 September 2026
Audit Executive
RBSM Corporate Advisors Private Limited
Pune
CA
View Details
ARTICLESHIP
04 September 2026
Accounts Executive
Hema Yashwanth & Associates
Chennai
B.Com
View Details
CCI
Pro
CAclubindia
