Preliminery expenses

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Querist : Anonymous

Querist : Anonymous (Querist)

25 March 2016 Dear Experts,
Weather preliminery expenses can be deductable as expenses..

Regard
Nitin sharma

KAVIRAJA ADDANGADI

KAVIRAJA ADDANGADI (Expert)
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25 March 2016 1/5th of Preliminary Expenses can be written off.

Querist : Anonymous

Querist : Anonymous (Querist)

25 March 2016 Sir... but some CA believe that 1/10 can be written off every year till 10 year...

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KAVIRAJA ADDANGADI

KAVIRAJA ADDANGADI (Expert)
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25 March 2016 Section - 35D, Income-tax Act, 1961-2014 Provided that where an assessee incurs after the 31st day of March, 1998, any expenditure specified in sub-section (2), the provisions of this sub-section shall have effect as if for the words “an amount equal to one-tenth of such expenditure for each of the ten successive previous years”, the words “an amount equal to one-fifth of such expenditure for each of the five successive previous years” had been substituted