Please Help: builder & developers
Posted Date : 12-Aug-2014 , 12:05:23 pm | Posted By JUZAR M GODHRAWALA
on of my client who is builder & developers has obtained PAN card on 2/5/2014 and started bank account on the basis of nondhni nu pramanpatra from nagarpalika and started purchase of materials from nov 2013.... so as I can file income tax return from A.Y 2015-16 but as to 31/3/2014 he had incurred expenses for material of Rs. 2000000/- so how can I claim those expenses in P.Y 2014-15?????
Category : Accounts | Answers : 0 | Comments : 3 | Hits : 335
Answers
Comments
Nitesh Avadhiya
13-Aug-2014 , 10:29:44 amYou should transfer all expense incurred during the period to Work in Progress account under the head inventories.
Ashish G
19-Aug-2014 , 10:49:13 amIn case of Individual, not much problem. For Cos, pre incorporation exps, stock, etc to be ratified by Board and then can consider in fy-15
Piyush Laddha
03-Oct-2014 , 10:42:00 amYou can show it as your purchase and closing stock in the year 2013-14.