Urgent - treatment of preliminary exp.?

This query is : Open

J@$preet (Querist)
Follow

05 September 2011 My query is that how should I treat the preliminary expenses in the revised schedule VI?
Whether to write off them 100% or write off them in five yrs equally?
and what should be done with the opening bal. in preliminary exp. that are pending to be written off fully??

Please reply my query its urgent!
thanks in advance!

Jitender

Jitender (Expert)
Follow

05 September 2011 preliminary expenses shall be written off 100% in the first year itself.

J@$preet

J@$preet (Querist)
Follow

05 September 2011 but what should i do , as in previous years i have written off only 1/5th of it, and still 4/5th is pending, as last yr there was no such provision of writting it off 100%.
should i write off the balance 4/5th this year????????

Upgrade to CAclubindia Pro. Subscribe Now!

Online classes for CA CS CMA