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Prior Period Income

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(Querist)
04 June 2011 Under which section prior period income is taxable? & When?
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CA Sumat Singhal

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CA Sumat Singhal (Expert)
05 June 2011
As per general accounting principles and AS(IT)- 5...
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Pankaj Gandhi Jaiswal

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Pankaj Gandhi Jaiswal (Expert)
07 June 2011 Under matching cost principal and u/s 37 wherein it is mentioned that expenses should be incurred in previous year
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Pankaj Gandhi Jaiswal

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Pankaj Gandhi Jaiswal (Expert)
07 June 2011 Sorry i understood prior period exp..please refer section 89(1) for this

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