bank guarantee charges to take license for busuness
This query is : Resolved
15 July 2011
FACTS:-assesse is taken bank guarantee for obtaining license to do business and bank take charges for giving guarantee for 20 years of Rs.110000( one lac ten thousand )
QUERY;- WHETHER THESE BANK CHARGES ARE ALLOWED AS REVENUE EXPENDITURE?
QUERY;- WHETHER THESE BANK CHARGES ARE ALLOWED AS REVENUE EXPENDITURE?
15 July 2011
All bank charges and bank guarantee fee is treated as Revenue expenses. You can amortise the same as deferred revenue expenditure if it is for fixed period and write it off accordingly.
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