A Private Limited Company has incorporated in September 2010 and made its first sale on 21st March 2011. This company has incurrend the revenue expenditures of Rs. 1.50 crore between aforesaid period.
What will be the treatment of these expenditures in Accounts as well as in Income Tax Act?
Whether these expenditures are Pre-Operative expenditures and if so, than should it be amortised in 5 equal installment in accounts? and could we claim the deduction u/s 37 of IT Act.
A Private Limited Company has incorporated in September 2010 and made its first sale on 21st March 2011. This company has incurrend the revenue expenditures of Rs. 1.50 crore between aforesaid period.
What will be the treatment of these expenditures in Accounts as well as in Income Tax Act?
Whether these expenditures are Pre-Operative expenditures and if so, than should it be amortised in 5 equal installment in accounts? and could we claim the deduction u/s 37 of IT Act.
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