26 October 2010
As per income tax act only 20% of preliminary expenses is allowed in first year .If some one fully written off the preliminary expenses in books of account and now he wants to add back 80% of preliminry expenses amount in income tax computation then under which section he can add back the 80% of preliminary expenses.
26 October 2010
When deduction is not allowed for entire expenses then full expenses will be disallowed and only 1/5 of the expenses will be allowable u/s 35D.
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