Deferred Expenditure
This query is : Resolved
23 December 2008
A Proprietor has incurrend an expenditure of huge amount on rented premises for starting of new business. A rent agreement is non cancellable within period of three years. My question is
Can such expenditure claim over a period of 2 or 3 or 5 years in Income tax Act. Please answer with a case law or section or notification or circular if any.
Can such expenditure claim over a period of 2 or 3 or 5 years in Income tax Act. Please answer with a case law or section or notification or circular if any.
25 December 2008
Can you please give the details of expenses incurred by him and nature of business.
25 December 2008
Expenses are in the nature of civil i.e. its relates to building renovation. Nature of Business is educational institute
Can I claim the said expenditure in 2 years i.e. deferred. Secondly, since its a rented premises, i can't capitalised.
Can I claim the said expenditure in 2 years i.e. deferred. Secondly, since its a rented premises, i can't capitalised.
25 December 2008
Option one - You can claim all the expenditure in the current year.
25 December 2008
Option two - If the amount expended is a huge, then you can also capitalise this amount as building.
25 December 2008
Can I claim the said expenditure in 2 years i.e. deferred. Secondly, since its a rented premises, i can't capitalised.
24 June 2023
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