previous year expdtr.

This query is : Open

Querist : Anonymous

Querist : Anonymous (Querist)

25 July 2010 A partner spent some personal amount for office use and did not submit the bills. After tracing the bills, he has submitted in the next financial year. Can that be reimbursed and taken into account this year. How to account. kindly guide.

Ca Aashish Upadhyay

Ca Aashish Upadhyay (Expert)
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25 July 2010 Prior Period income are disallowed under Income Tax. Kindly check if any advance is lying in the hands of Partner in that BS.

caaashishupadhyay@gmail.com

Querist : Anonymous

Querist : Anonymous (Querist)

30 July 2010 The company follows cash acounting system and not mercantile. Even then, is it disallowed kindly guide

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