Accounting Standards-Prior period Income

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CAB (Querist)
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29 December 2008 How should I book Prior period income/E Income in books,
also please explain it impacts on taxation

CA Chaitanya (Expert)
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29 December 2008 Prior period income or expenditure should be seperately disclosed in the profit and loss account.

CA Chaitanya (Expert)
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29 December 2008 Accounting treatment should be done as per the accounting standard-5.

CA Chaitanya (Expert)
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29 December 2008 You can refer the Accounting standard ii issued by CBDT - Prior period and extraordinary items for the taxation impact.

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