Prior project period cost

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

31 January 2013 Can anyone explain me how to account a prior period project cost for Example Drawing, Quantity Surveying, quoting exp.... and related Labour cost of the Designing Engineer and Quantity Surveyor. Are these expenses are project related cost? Or Marketing cost?

CA AYUSH AGRAWAL

CA AYUSH AGRAWAL (Expert)
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31 January 2013 If CYou are Asking Under Which Context ?
I Mean Companies Act or income Tax act.

You Can Mark Them as Project Cost and Write off Every year 1/5th.
These are Project Cost, Marketing Cost Concept Arise Only When You are Ready to sell Products.