Tax audit & accounts

This query is : Resolved

Dipul mehta (Querist)
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14 December 2012 Sir,
a pvt. Ltd. company paid property tax for previous 3 years, but in accounts no provision for liablities has been made, now what should we do to correct it, and what is the implication on tax audit and accounts. plz suggest..........

@VaibhavJ

@VaibhavJ (Expert)
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14 December 2012 Hi

In case no provisions was made in books then prior period expenses is disallowed under income tax, so expense to the tune of that amount will be diallowed for calulating taxable income of current year.

Now coorection can not be done for tax audit purpose.

Thx//Vaibhav

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@VaibhavJ

@VaibhavJ (Expert)
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15 December 2012 Thx for acknowledgement..

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