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Preliminary Expenses

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(Querist)
20 August 2009 Can Preliminary Expenses be completely written of by the Company in its first year.So will it be allowed in the statement of Income?
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Yatesh Prakash Renuke

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Yatesh Prakash Renuke (Expert)
20 August 2009 As per companies Act you can charge off the preliminary expenses in the first year itself.

But According to the Income Tax Act, you have to amortise these expenses in 5 Years.

Regards'

Yatesh Renuke.
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CA.Nikhil Gupta

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CA.Nikhil Gupta (Expert)
20 August 2009 agree
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