Preliminary exp.
This query is : Resolved
Jayesh Jagetiya
(Querist)
31 December 2008
Dear friends,
As per AS -26, intangible assets Preliminary expenses are to be claimed in the first year only.
& as per Income Tax to be claimed in 5 equal installments in 5 years.
Then why we some time time see the Preliminary exp. in the debit side of Balance sheet, if we are claiming in one year only as per AS -26.
As per AS -26, intangible assets Preliminary expenses are to be claimed in the first year only.
& as per Income Tax to be claimed in 5 equal installments in 5 years.
Then why we some time time see the Preliminary exp. in the debit side of Balance sheet, if we are claiming in one year only as per AS -26.
31 December 2008
Did you check the notes on accounts of those companies wherein deviations from standards might have mentioned.
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