Previous Year Expenses Payment
This query is : Resolved
JATHIN HARI
(Querist)
20 March 2010
Dear Sir
If the comapny paid an amount of 4 Lac in AY:2009-10, relating to previous year without have any provision in the previous year B.S, admittable as cureent year expenditure. If so how to admit it.
If the comapny paid an amount of 4 Lac in AY:2009-10, relating to previous year without have any provision in the previous year B.S, admittable as cureent year expenditure. If so how to admit it.
CA. B.SRINIVASULU
(Expert)
21 March 2010
Prior period expenses will not be allowed in the current year. Either you have to revise the earlier year financial statements or you have to loose the current year expenditure benefit.
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