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Allowability of preliminary exp

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31 December 2012 A company had debited the entire amount of prelimiary exp in the first year of its incorporation showing loss along with other administrative expenses. Can the Company claim the expenses in five(5) equal instalments for Income Tax purpose in subsequent years? If yes, where this item of exp. would be fiiled up in ITR-6. Also, " prior period exp", being disallowable, - where to put this amount in ITR-6 ?
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Aditya Agarwal

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Aditya Agarwal (Expert)
31 December 2012 Yes as per section 35D of the Income Tax, preliminary expenses need to be deducted in 5 equal installments.
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