S. Jamali (Director Roshan Akauntax Limited) (70 Points)
18 March 2013if in a construction business an assessee (partnership firm )incured an expenses for salary, conveyance, office rent etc from the capital introduced and from the advance received for booking of flat for the year 2011-2012
how return will be filed for the a.y. 2012-13
should we capitalized the expenses
staff roshan akauntax p.l.
ashi
Giridhar S Karandikar
(Team Lead)
(7543 Points)
Replied 19 March 2013
If the construction is under progress, and revenue could not be recognized, then in such cases the ehole of the expenditure shud be shown under WIP.
In such case there is no profit or loss to teh firm and as such NIL return would be requried to be filed by the firm.
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