Please Help: builder & developers
Posted Date : 12-Aug-2014 , 12:05:23 pm | Posted By: JUZAR M GODHRAWALA
Category :
Accounts | Answers :
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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????? |
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| Posted By : Piyush Laddha |
03-Oct-2014, 10:42:00 |
| You can show it as your purchase and closing stock in the year 2013-14. |
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| Posted By : Ashish G |
19-Aug-2014, 10:49:13 |
| In 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 |
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| Posted By : Nitesh Avadhiya |
13-Aug-2014, 10:29:44 |
| You should transfer all expense incurred during the period to Work in Progress account under the head inventories. |
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