Prior Period Items
This query is : Open
Shashi Kumar C.G.
(Querist)
21 September 2009
Dear Experts,
According to AS-5 Prior period items is to be disclosed separately. What is the impact of these items under Income Tax Act and Companies Act? Whether it will be allowed if tds is deducted under I.T. Act, and what is the significance under Companies Act?
Regards,
Shashi
According to AS-5 Prior period items is to be disclosed separately. What is the impact of these items under Income Tax Act and Companies Act? Whether it will be allowed if tds is deducted under I.T. Act, and what is the significance under Companies Act?
Regards,
Shashi
CA. B.SRINIVASULU
(Expert)
21 September 2009
Prior period items will not be allowed as a deduction under income tax when you debit to your profit and loss account in the subsequent years whereas you have to deduct tds otherwise penal provisions will be attracted. As per companies act you have show it as expenditure in the same head of account and in notes to accounts you have to mentions that rs. being last years expenditure debtied during the year.
CA CHINTAN AJMERA
(Expert)
21 September 2009
Agree with expert
Shashi Kumar C.G.
(Querist)
22 September 2009
Sir,
Can you please quote under which section it will not be disallowed under I.T. Act?
Can you please quote under which section it will not be disallowed under I.T. Act?
Shashi Kumar C.G.
(Querist)
22 September 2009
Sir
Can you please quote under which section it will not be disallowed under I.T. Act?
Can you please quote under which section it will not be disallowed under I.T. Act?
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