Preoperative and preliminary expenses

comments.....?? 

As Per Income Tax Act Following preliminary expenditure are eligible for deduction

1. Allowable if work is done by assessee himself or by an approved concern

• Preparation of project report

• Market and other survey cost

• Engineering service charges

1. Allowable always whether work is done by assessee himself or by any concern (approved or unapproved)

• Drafting of MOA and AOA

• Printing of MOA ,AOA and prospectus

• Share issue expenditure e.g. underwriting commission, brokerage, etc

• Legal charges for preparing partnership deed, etc

• Registration fee under any Act

• Any other expenditure which is prescribed

Start deducting first installment from the previous year in which business is commenced. 

As per companies act preliminary expenses recognised oly when it is approved by board. 

if it is filed within due dates loss can be carryforwarded to next years in this case loss can't be carry forwarded to next years as per income tax act.

now you can file income tax returns of previous years irrespective(even though there is no income) of the income. yes ROC impose fines for non filling of Annual Returns.

hey, i need to know about pre operative expenses....can i amortize it as perliminary or not?....if not then what?

its return filing fee for 2 yrs i.e., FY 11-12 AND 12-13......

See i have to file IT returns of a company.....it has outstanding balance of expenses not written off due to lack of income or operation in 11-12 and 12-13....i want to show income from FY 13-14 ONWARDS and file returns from 13-14 onwards.....so can i claim those earlier expenses i.e., preoperative exp as exp in 13-14..........like wise

yes you can set off with profits. as per income tax act you can't setoff previous year losses(return not filed within due date).

(or)you send application for approval return filling under section 119(2) in this case you are eligible for carry forward losses(income tax act).

iam thinking not to file IT returns for 11-12 and 12-13.....

you can file return under section 119(2). just Contact AO filling return under this section mostly he will accept (depends on Ao).

hmm....Thanks for suggesting