Income tax returns
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
28 September 2011
A person is a partner in partnership firm.
having business income from this firm.
He starts a proprietorship manufacturing Business but Production will start in next financial year. Expenditure for shed erection , machinery is being carried out. How these expenses will be treated? Should these be shown when the production starts. Or How this expenditure should be shown in returns.
Thanks.
having business income from this firm.
He starts a proprietorship manufacturing Business but Production will start in next financial year. Expenditure for shed erection , machinery is being carried out. How these expenses will be treated? Should these be shown when the production starts. Or How this expenditure should be shown in returns.
Thanks.
28 September 2011
These expenses will be shown as capital-work-in-progress.
When the erection is complete, these will be transferred to the respective fixed assets.
When the erection is complete, these will be transferred to the respective fixed assets.
Querist : Anonymous
Querist :
Anonymous
(Querist)
11 October 2011
how should expenses for product development/trials and deposits paid for gas be shown even though production has not started.
28 January 2012
The capital expenses are to be capitalised and the expenses incurred before production but relates to production should be kept under the head deferred revenue expenditure which should be transferred to revenue expenses as and when the production is started. Till then it will be kept under assets side of the Balance Sheet
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