Easy Office
LCI Learning

Tax Audit -Prior Period Items

This query is : Resolved 

29 May 2010 During the year 2009-10,The Sales Tax Department has levied a sum of Rs 10,000 as Sales Tax Penalty for 2008-09 on account Short payment of Output Vat .
whether the expenditure of Rs 10,000 which is pertaining to 2008-09 can it be considered as prior period item.

29 May 2010 no, since the order of levying penalty is passed in the current year.

29 May 2010 Penalty regarding to Govt Due will be allowed in the year in which is imposed.
Hence it is not prior period items




You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

CAclubindia's WhatsApp Groups Link


Similar Resolved Queries


loading


Unanswered Queries




Answer Query