Answer / keerthi d&

Pre incorporation expences are,The expences incurred before
the company or a business entity's incorporation
(Registration).it can be Expences incurred at the time of
developing ideas for the establishment of a business
concern,expenditure incurred on the process of registration
of the concern etc..
pre incorporation exepences are to be recorded under the
head preliminary expences& losses at the assets side of the
balance sheet.these are deductable (to be set off)in the 5
subsequent years from the year of establishment. of
business.

Answer / ashok kumar

Incorporatoion Exp. Account under Preliminary Expenses and
claim this as exp in subsequent 5 year

Answer / tapan sanghvi

all the expenses pertaining to the pre incorporation part
of the company should be written off in the first year of
business as per para 55(d) of AS 26 "Intangibles".
as per income tax act, section 35D permits write off in 5
years.
hence, there will be a variance on which deferred tax asset
should be created on the difference.

Answer / vishu

Only Capital expenses is eligible for deduction.

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