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Prior period expenditure

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09 August 2009 An amount of Rs.81216 was paid towards interest to Kotak Mahindra Bank for Financial year 2007-08 was wrongly debited to Loan account instead of Interest account. Shall we can claim the same in financial year 2008-09. What are the consequences.
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chetan soni

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chetan soni (Expert)
10 August 2009 you can claim the same. It will treated as error & omission of earlier years.

This will be disclosed in the annual report of company & also in tax audit report.


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