Prior period expenses
This query is : Resolved
11 October 2016
Whether payment of Tax on 20.09.2015 of Rs. 1,53,000 /- for the AY 2013-14 arises as a result of Scrutiny Assessment U/s 143 (3) is a prior period Expenses for the AY 2016-17.
12 October 2016
Payment of tax or the penalty if any are not considered as the allowable expenses under the Income Tax Act. Though the same can be considered as the prior period item.
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