Dear Members,
Preliminary exp is to be written off @ 20% as per IT Act.
As per Co. Law it is 100% allowed.
For MAT Book Profit whether Preliminary exp. is to be added back.
& What will be the effect of above in P&L Schedule of ITR
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Preliminary exp effect on mat & income tax
Replies (1)
No it is not required to be added back as the Explanation to Sec 115JB does not provide to deduct the same as such..so the treatment made in books for the prelim exps is final and no adjustment to same can be made....
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