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what is the meaning of preliminary expenses and how you
shown in balance sheet
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Answer Posted / jishnu surendran
Preliminary expenses are formation expenses of the company such as MOA and AOA filing fees, fee for registering authorized capital etc.
As per section 35D of the Income Tax Act, preliminary expenses should be written of in 5 equal installments in each year after the commencement of business.
As per the Companies Act and Accounting Standards of the ICAI which is in tune with the Companies Act, writing off of preliminary expenses is the discretion of the company.
The Revised Schedule VI ( format of Balance Sheet under the Companies Act ) does not recognize an item named Miscellaneous Expenditure, which was a head present in the former Schedule VI format.
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