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CAN PRE OPERATIVE EXPENSES BE CAPITALISED? IF YES, HOW CAN
IT BE DONE?
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Answer Posted / sandeep sandhu
preoperative expenses whether of capital nature or revenue
nature, should be added in fixed assets in the ratio of
fixed assets and claim the depreciation according to it
over the years.
Preoperative expenses is different from the preliminary
expenses. Preliminary expenses treatment should be done
according Section 35D of income tax act 1961
| Is This Answer Correct ? | 45 Yes | 12 No |
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I have a existing Oracle applicttions and need to bring one of the new business on it. The new business will use GL, AP and FA. We will use existing COA. This business will have 3 sets of books (1- tax book, from April to March; 2- Primary book, from July to June; 3- Reporting book, from July to June); All books will have same currency; HOW DO I TRANSFER DATA FROM PRIMARY BOOK INTO TAX AND REPORTING BOOKS EVERY MONTH OR ON WEEKLY? IS THERE ANY STANDARD ORACLE PROCESS WHICH CAN BE SCHEDULED? THE REPORTING BOOK WILL HAVE DIFFERENT DEPRECIATION METHOD SO HOW DO I NOT TRANSFER DEPRECIATION FROM PRIMARY TO REPORTING BOOK AND DO SEPERATE DEPRECIATION IN REPORTING BOOK FOR THE SAME ASSET THAT IS ALSO IN PRIMARY AND TAX BOOK?. HOW DO I APPROACH ON SETTING THESE NEW SETS OF BOOKS? Thanks, KK
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