Will a prior period expenditure be allowed if no provision o
This query is : Resolved
07 October 2013
We are a Pvt Ltd Company.We borrowed money from other Pvt Ltd Comapny without Interest.We were not able to repay it for 2 years.They are asking for interest on the Loan right from the begining.Will we be able to claim the deduction of Interst that we will pay to the Company for last two years ,if we pay the TDS along with interest now.
08 October 2013
No, Business expenditure of the same year is only allowed, prior period expenses are disallowed. now what you can do is if there is time available, you can revise your p.y. return..
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