Regarding Accounts Query
This query is : Resolved
22 April 2008
Hi Sir / Madam
My query is regarding to Last years expenses.
e.g. If any expense of previous year still pending to entered in our books & our balance sheet is already finalized. Even Income tax return is filed. In that situation how can we book the expense for last year?
Can we show the expense in current year?
Is it possible that the expense book in this year?
If Yes, then How?
Regards
Anil
My query is regarding to Last years expenses.
e.g. If any expense of previous year still pending to entered in our books & our balance sheet is already finalized. Even Income tax return is filed. In that situation how can we book the expense for last year?
Can we show the expense in current year?
Is it possible that the expense book in this year?
If Yes, then How?
Regards
Anil
22 April 2008
THE INCOME TAX ACT UNDER SEC 37 STATES THAT IN ORDER TO CLAIM DEDUCTION FOR AN EXP. IT MUST BE INCURRED IN PREVIOUS YEAR.
OTHERWISE, THE ASSESSING OFFICER WILL DISALLOW SUCH EXP. IF IT WAS NOT INCURRED IN THE PREVIOUS YEAR.
SO YOU CANNOT CLAIM EXP. INCURRED IN PREVIOUS YEAR AS CURRENT YEAR EXP.
WHAT ASSESSEES DO IN SUCH CASES IS THAT THE EXP. BILLS DATED AS CURRENT YEAR ARE OBTAINED AND CLAIMED AS CURRENT YEAR EXP. BUT THIS SHOULD ALSO SUIT YOUR SUPPLIER OR CREDITOR DEPENDING IN WHICH FIN. YEAR HE BOOKS THE INCOME.
R.V.RAO
OTHERWISE, THE ASSESSING OFFICER WILL DISALLOW SUCH EXP. IF IT WAS NOT INCURRED IN THE PREVIOUS YEAR.
SO YOU CANNOT CLAIM EXP. INCURRED IN PREVIOUS YEAR AS CURRENT YEAR EXP.
WHAT ASSESSEES DO IN SUCH CASES IS THAT THE EXP. BILLS DATED AS CURRENT YEAR ARE OBTAINED AND CLAIMED AS CURRENT YEAR EXP. BUT THIS SHOULD ALSO SUIT YOUR SUPPLIER OR CREDITOR DEPENDING IN WHICH FIN. YEAR HE BOOKS THE INCOME.
R.V.RAO
22 April 2008
Thanks for your reply sir
23 April 2008
U can file Revised Return
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Is this income indian or foreign income?
- ITC temporary reversal and reclaim
- Applicable TDS rate for sale of property in Nov 2024
- Inventory of finished goods
- Can we claim ITC of Feb-2024 in the month of November-2024 which was not claimed by oversight
- Tds on building rent monthly
- Clarification on Documentation of Paid-Up Capital Contribution by Directors
- Quiery in relation to GST liability in case of an advocate who has obtained GST registration.
- RCM INVOICING FROM NOV-2024
- Confusion around Form 26QB fields
- REGARDING ACCOUNTING CODE FOR SERVICE TAX PAYMENT
- Redevolpment of bldg in mumbai
- Refund of AY 22-23
- LAST YEAR 2022-23 ITC IN NEXT YEAR 2023-24 REPORITNG IN GSTR-9
- MIS MATCH OF INVOICE NUMBER
- IGST Credit-Show cause notice issued-confusion
- Issue of gst e invoice
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
Trending Online Classes
CAclubindia
