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what is diffrance between preliminary Exp and Misc. exp
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Answer Posted / viswanath.chaganti
Preliminary expenses are expenses incurred for
incorporation of company/business. These expenses will be
written off over a period after incorporating the
business.These expenses will be shown in Balance sheet
asset side till write off.
Miscellaneous expenses are revenue in nature. Where
expenditure not related to particular head of account or
not able to classify, will accounted to Miscellaneous
expenses. These expenses will be transferred to P & L
account in the year end. Any miscellaneous expenses debited
to P & L a/c in excess of prescribed limit by Income Tax
Act, 1956 will be added back to income by authorities and
will be taxed accordingly.
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