SACHIN JAIN CA FINAL student (INDORE) (233 Points)
07 June 2012DEEARST MEMBER
MY QUERY IS ..
1). IN REVISED SCHEDULE VI PREOPERATIVE AND PRELEMINARY EXP SHOW IN HEAD OF MISCELLINEOUS EXPENDITURE BUT NOW REVISED SCHEDULE XI NO OPETION AS MISCELLINIOUS EXP HEAD.
SO WHERE ITS ITEM SO IT IN REVISED SCHEDULE VI
PLE SUGGEST ME
| Originally posted by : SACHIN JAIN CA FINAL student | ||
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DEEARST MEMBER MY QUERY IS .. 1). IN REVISED SCHEDULE VI PREOPERATIVE AND PRELEMINARY EXP SHOW IN HEAD OF MISCELLINEOUS EXPENDITURE BUT NOW REVISED SCHEDULE XI NO OPETION AS MISCELLINIOUS EXP HEAD. SO WHERE ITS ITEM SO IT IN REVISED SCHEDULE VI PLE SUGGEST ME |
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Dear Friend... I didn't get your question properly... can you give it clearly?
Mohammad Asif
(chartered accountant)
(191 Points)
Replied 26 May 2013
As per AS 26 Intangible Assets preliminary expenses and preoperative expenses should be charged to profit and loss account as and when incurred it means these expenses cannot be carried in subsequent years. However you can carry forward the same for income tax purposes. for the timing difference create deffered tax asset as per AS 22 taxes on income.
Landmark Judgments: Important Provisions of the EPF & ESI Act interpreted by the Honorable Supreme Court of India
CAclubindia
