Pre incorporation transactions

rakesh (student) (457 Points)

26 July 2022

can we account for transactions before incorporation date of firm for income tax purpose.

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Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (177741 Points)
Replied 26 July 2022

No. Not eligible, unless the expenses are related to incorporation of firm.

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rakesh (student) (457 Points)
Replied 27 July 2022

Transactions are related to firm before incorporation other than incorporation expenses

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Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (177741 Points)
Replied 27 July 2022

Check if the partnership deed has allowed the operation before incorporation date, including such expenses.

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rakesh (student) (457 Points)
Replied 28 July 2022

Nothing is mentioned as such in partnership deed

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (177741 Points)
Replied 28 July 2022

In that case its not admissible...

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