Accounts & tax
This query is : Resolved
05 April 2015
plz reply its urgent !
can anyone explain the treatment of expenses we have not recorded in the year 2013-14 but paid in the same year !
we have to revise our return or recorded it as expnse for prior period in p& l in the f.y 2014-15
can anyone explain the treatment of expenses we have not recorded in the year 2013-14 but paid in the same year !
we have to revise our return or recorded it as expnse for prior period in p& l in the f.y 2014-15
05 April 2015
Dear Kamna,
If you have filed your returns in time, then you can opt to revise your income tax returns for F.Y.13-14. Include the expenses incurred, in previous year.
If you record it as a prior period item in F.Y.14-15, then it shall be disallowed and would not amount to an allowable expenditure for the F.Y.14-15
If you have filed your returns in time, then you can opt to revise your income tax returns for F.Y.13-14. Include the expenses incurred, in previous year.
If you record it as a prior period item in F.Y.14-15, then it shall be disallowed and would not amount to an allowable expenditure for the F.Y.14-15
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06 April 2015
Thanks for your reply !
We have to revise income tax return within one year from the end of the assessment year or before assessment thats with in the year 2015 - 16 ?
We have to revise income tax return within one year from the end of the assessment year or before assessment thats with in the year 2015 - 16 ?
06 April 2015
Yes what you have said is correct. According to section 139(5),
If any person, having furnished a return under sub-section (1), or in pursuance of a notice issued under sub-section (1) of section 142, discovers any omission or any wrong statement therein, he may furnish a revised return at any time before the expiry of one year from the end of the relevant assessment year or before the completion of the assessment, whichever is earlier.
If any person, having furnished a return under sub-section (1), or in pursuance of a notice issued under sub-section (1) of section 142, discovers any omission or any wrong statement therein, he may furnish a revised return at any time before the expiry of one year from the end of the relevant assessment year or before the completion of the assessment, whichever is earlier.
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