03 October 2017
If in the Current F.Y 2016-17 the firm paid VAT along with the Interest and Penalty for the period F.Y. 2008-09.
So whether it is considered as a Prior period items?
And if Yes, What is the tax implications on remuneration given to Partners?. Whether all exps. related to VAT is added to the profit or only penalties will be added ?
CAclubindia
