Dear Friends,
Income tax Act, Sec 35D provides for amortisation of pre-incorporation (Prelimnary Expenses) over a period of five year. Does any provision of any other act governs this? Please let me know.
Regards
Swati
1 Replies
S.Srinivasaraghavan
(Chief Financial Officer and Co)
(11318 Points)
Replied 21 May 2008
From taxation angle, no. From accounting standard angle it should be offset against profit.
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