Allowability of preliminary exp
This query is : Resolved
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 ?
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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