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What is the treatment for PRELIMINARY EXPENSES?
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Answer Posted / g. shanker
Preliminary expenses, which incurred for before
commencement of business. For setting up of any undertaking
or business (Preparation of feasibility report, project
report or for conducting market survey or any other survey
or engineering services relating to the business and Legal
charges for drafting any agreement for setting up or for
conduct of any business).
For Income tax purpose the following is the permissibe
expernditure.
(a)In case of company, 5% of Cost of Project or Capital
employeed.
(b)In case of any other business, 5% of the Cost of Project.
It will be allowed as deduction in 5 equal installments.
| Is This Answer Correct ? | 69 Yes | 6 No |
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