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Prior period income

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(Querist)
21 September 2010 Is Prior period income is taxable income as per income tax act? also if in a particular year if there is Prior period expense , can i set off such expense against such prior period income & Claim net amount as prior period expense?
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Hemu Kapoor

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Hemu Kapoor (Expert)
23 September 2010 yes it would be allowed or taxable .

better approach would be not to set them off if the amount is significant.
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Ritesh Maheshwary

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Ritesh Maheshwary (Querist)
24 September 2010 Thanks
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