I want to know if legal charges paid for filing opposition proceedings for brand comes under which head.
7 Replies
prasad Nilugal
( GST Practitioner & Accounts )
(14868 Points)
Replied 19 March 2019
legal charges under Indirect Expense in profit & Loss Accounts .
Piyush Sindwani
(96 Points)
Replied 19 March 2019
@ Prasad Nilugal. Sir Please Refer schedule 3 of companies act 2013, there is no such head called indirect expenses.
smitha rajesh
(internal audit staff)
(53 Points)
Replied 19 March 2019
but it take it as intangible asset. related to brand. is it correct
prasad Nilugal
( GST Practitioner & Accounts )
(14868 Points)
Replied 19 March 2019
Sorry for mistake due to Oversight .
Rishi Mehrotra
(Articled Assistanr)
(31 Points)
Replied 20 March 2019
Legal charges shall be disclosed under the head Other Expenses with a note in notes to accounts disclosing the nature of payment if the amount paid is substantially higher
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