Formation expenditure of llp
Nitin Chordiya (CA final Student) (264 Points)
30 May 2016
Can anyone please tell me the accounting treatment of Incorporation Expenses of LLP
4 Replies
Manish Jain
(Chartered Accountant)
(119 Points)
Replied 30 May 2016
It is to be shown as Preliminary Expenses under Miscellenous Expenses which will be amortised in the subsequent years.
Nitin Chordiya
(CA final Student)
(264 Points)
Replied 30 May 2016
OK..and can i claim deduction u/s 35D of the amortised value?
Nitin Chordiya
(CA final Student)
(264 Points)
Replied 01 June 2016
No, we can't claim deduction -
LLP may not qualify for certain deductions :
S. 35D – Amortization of certain preliminary expenses
S. 35DD – expenditure in respect of amalgamation / demerger
S. 35(2AB) – weighted deduction for Scientific Research and Development Tax neutrality on amalgamation / demerger – S. 47(vi), (via), (vib), (vid),(vii)
S. 80-IA(4)(i) – deduction on profits of infrastructure projects Jun
https://www.wirc-icai.org/(X(1)S(xjwsn245ogvrjo45w0as402l))/material/Tax-issues-in-LLP.pdf
Please refer this link for this
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