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Section 35D - Amortisation of certain Preliminary Expenses

Income Tax - Profit and Gains of Business or Profession - 25 - SEC - 35D: AMORTISATION OF CERTAIN PRELIMINARY EXPENSES Eligible Assessee: Indian company or any non-corporate assessee resident in India Eligible Deductions: If preliminary expenses are incurred: before the commencement of his business, or after the commencement of business in connection with extension of an undertaking or setting up a new unit. Amount of Deduction: 1/5th of qualifying expenditure for each of the 5 successive years. .....

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unts: Audit of accounts by a Chartered Accountant, of the years in which the qualifying expenditure is incurred is required to claim deduction under this section. If deduction is claimed under this section, then deduction is not allowed for such expenditure under any other section. The expenditure eligible for deduction: Expenditure in connection with- i. preparation of feasibility report and project report ii. conducting market survey or any other survey necessary for the business of the assess .....

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