Preliminary expenses
This query is : Resolved
20 September 2012
Dear all,
What will be the treatment for the preliminary expenses not yet written off,appearing in Balance Sheet according to the revised schedule VI?
How it will be dealt while computing taxable income?
What will be the treatment for the preliminary expenses not yet written off,appearing in Balance Sheet according to the revised schedule VI?
How it will be dealt while computing taxable income?
20 September 2012
What type of preliminery expenses they are??
Generally, preliminery expenses are written off fully in the year of expense only. Even if there are any preliminery expenses in the books then it will be shown under other current assets.
In taxation, allowability of such expenses depends on the nature of the expenses.
Generally, preliminery expenses are written off fully in the year of expense only. Even if there are any preliminery expenses in the books then it will be shown under other current assets.
In taxation, allowability of such expenses depends on the nature of the expenses.
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