Previous year expenses
This query is : Resolved
28 May 2012
In F.y. 2010-11 we forgot to book a expenses & bill date was also lying in F.Y. 2010-11 can we book as expenses in F.Y. 2011-12 & if we book it as expenses in F.Y. 2011-12 what will be the tax implications.
28 May 2012
You will have to book the same as prior period expenses.
28 May 2012
Dear Mr. Manoj,
It will be Prior Period Expense if you have not made any provision in this regard and the such expense will not be allowed as deduxtion under income tax.
It will be Prior Period Expense if you have not made any provision in this regard and the such expense will not be allowed as deduxtion under income tax.
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