Taxation Exam > Taxation Videos > Income Tax for assessment (Inter Level) > S 35D, Amortisation of preliminary expenses
S 35D, Amortisation of preliminary expenses Video Lecture | Income Tax for assessment (Inter Level) - Taxation
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FAQs on S 35D, Amortisation of preliminary expenses Video Lecture - Income Tax for assessment (Inter Level) - Taxation
| 1. What are preliminary expenses in relation to taxation? |  |
Ans. Preliminary expenses are the costs incurred by a company before it starts its business operations. These expenses include legal fees, registration fees, and other costs associated with setting up the company. In the context of taxation, these expenses can be amortized over a period of time to reduce the tax liability.
| 2. How are preliminary expenses amortized for tax purposes? | |
Ans. Preliminary expenses can be amortized over a period of time for tax purposes. The specific period over which these expenses can be amortized depends on the tax laws of the country or jurisdiction. Generally, the company can deduct a portion of the preliminary expenses each year, reducing its taxable income.
| 3. What is the benefit of amortizing preliminary expenses for taxation? | |
Ans. Amortizing preliminary expenses for taxation provides the benefit of reducing the tax liability of the company. By deducting a portion of the expenses each year, the company can lower its taxable income, resulting in a lower tax bill. This can help improve the company's cash flow and overall financial position.
| 4. Are there any limitations or restrictions on the amortization of preliminary expenses? | |
Ans. Yes, there may be limitations or restrictions on the amortization of preliminary expenses for taxation. These limitations can vary depending on the tax laws of the country or jurisdiction. Some common restrictions may include a maximum annual deduction limit, a specific period over which the expenses can be amortized, or certain conditions that need to be met for the expenses to be eligible for amortization.
| 5. How should a company account for the amortization of preliminary expenses in its financial statements? | |
Ans. A company should account for the amortization of preliminary expenses in its financial statements by recognizing the amortized amount as an expense in the income statement. This reduces the company's taxable income and is reflected in the tax provision. The accumulated amortization of preliminary expenses should also be disclosed in the notes to the financial statements to provide transparency and clarity to the users of the financial statements.
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Nov 16, 2024 Last updated |
Video Description: S 35D, Amortisation of preliminary expenses for Taxation 2024 is part of Income Tax for assessment (Inter Level) preparation.
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