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Prior period income or expense

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(Querist)
27 August 2008 Whether prior period expense is allowed and income is taxable under the IT Act.
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CA Pawan Goswami

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CA Pawan Goswami (Expert)
27 August 2008 Prior period expenses are disallowed under the Income Tax Act
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Prakash

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Prakash (Querist)
28 August 2008 Thanx sir,

what about the prior period income whether it is taxable under the IT Act.
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S.Srinivasaraghavan

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S.Srinivasaraghavan (Expert)
28 August 2008 Yes it is taxable, penalty will be levied if the income was omitted to be disclosed deliberately in the year in which they belong to.
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Prakash

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Prakash (Querist)
29 August 2008 thank you sir

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