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Preliminary expenses,accounting and taxation

Others 616 views 2 replies

1.) Rs.123860 Preliminary expenses incurred in F.Y 2009-10 and

2.) Rs.64156 Preliminary exp incurred in F.Y 2011-12, 

Both the amount must be written off over 5 years as per Income tax

But in Co. they wrongly writing this off over a period of 10 years(i.e as per old rule), because of which both the amount is standing in books at Rs.61915 (for 1st amt) and 44909(for 2nd amount)

1st Amt should had fully written off but standing in books; Q) Can i claim Full 61915 amount for year ending 31.03.2015 and accoringly effect for 2nd amt can be given

Replies (2)

Co. is not following AS-26 which is against co Act 2013

Co. is also not following S. 35 D of Income tax Act either

 

Would like to know , how is there so much gap between the 2 preliminary expenses

Other one is increase in issued share capital


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