prior period expenses
This query is : Resolved
08 January 2008
Can expenses debited to profit and loss account as prior period expenses (aising as a result of error/ ommision in last years accounts) deductible under income tax act? If not under which section?
08 January 2008
the prior period expenses are the expenses of past years which was not recognised due to ommission or mistake . this it should be disclosed in such a manner that its impact can be perceived and if it is related to business and revenue in nature it will be allowed this year But capital or personal exp. are not allowed
09 January 2008
Over and above of what Ghanshyam said,
Disclose it under schedule VI in P&La/c
Disclose it under schedule VI in P&La/c
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Where to show the RCM on Rent paid to unregistered landlord
- Is Aadhar PAN linking required for opening bank account?
- Applicability
- CPC Processing IT Return for AY 2023-24 without recognizing the Taxation Option under New Regime
- Offsetting interest income against derivative trading losses
- RCM - commercial rent paid to URP under GST
- TDS NUMBER SURRENDER
- Legal heir raised refund , but refund issued to the closed account of deceased.
- Gst Sales of FY 2023-24
- GSTR-3B - Do I file nil when there is no sale but I've bought raw materials
- Whether still royalty
- 20% OF DEMAND PAYMENT IN APPEAL
- Issue of gst e invoice
- Interchangeable words in accounts
- Adjusted profit/Loss in the case of LLP and Pvt. Ltd.company
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
- Query for dubts
- Regarding Resignation by Auditor from Pvt. Ltd.
Trending Online Classes
-
Excel Mastery Program
CA Rishabh Pugalia
CAclubindia
