Miscellineous exp in revised schedule 6

Stat Audit 1071 views 2 replies

SACHIN JAIN CA FINAL student

INDORE

233 Points Joined November 2010

DEEARST MEMBER

MY QUERY IS ..

1). IN REVISED SCHEDULE VI PREOPERATIVE AND PRELEMINARY EXP SHOW IN HEAD OF MISCELLINEOUS EXPENDITURE BUT NOW REVISED SCHEDULE XI NO OPETION AS MISCELLINIOUS EXP HEAD.

SO WHERE ITS ITEM SO IT IN REVISED SCHEDULE VI

PLE SUGGEST ME

Replies (2)

Guest

Originally posted by : SACHIN JAIN CA FINAL student
	DEEARST MEMBER MY QUERY IS .. 1). IN REVISED SCHEDULE VI PREOPERATIVE AND PRELEMINARY EXP SHOW IN HEAD OF MISCELLINEOUS EXPENDITURE BUT NOW REVISED SCHEDULE XI NO OPETION AS MISCELLINIOUS EXP HEAD. SO WHERE ITS ITEM SO IT IN REVISED SCHEDULE VI PLE SUGGEST ME

Dear Friend... I didn't get your question properly... can you give it clearly?

Mohammad Asif

chartered accountant

191 Points Joined February 2010

As per AS 26 Intangible Assets preliminary expenses and preoperative expenses should be charged to profit and loss account as and when incurred it means these expenses cannot be carried in subsequent years. However you can carry forward the same for income tax purposes. for the timing difference create deffered tax asset as per AS 22 taxes on income.