Formation expenditure of llp

Can anyone please tell me the accounting treatment of Incorporation Expenses of LLP
Replies (4)

It is to be shown as Preliminary Expenses under Miscellenous Expenses which will be amortised in the subsequent years.

OK..and can i claim deduction u/s 35D of the amortised value?

Yes you can.

No, we can't claim deduction - 

LLP may not qualify for certain deductions :

S. 35D – Amortization of certain preliminary expenses

S. 35DD – expenditure in respect of amalgamation / demerger

S. 35(2AB) – weighted deduction for Scientific Research and Development Tax neutrality on amalgamation / demerger – S. 47(vi), (via), (vib), (vid),(vii)

S. 80-IA(4)(i) – deduction on profits of infrastructure projects Jun

 

https://www.wirc-icai.org/(X(1)S(xjwsn245ogvrjo45w0as402l))/material/Tax-issues-in-LLP.pdf

 

Please refer this link for this

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