Hello Sir/ Madam,
I have one question relating to Annual Maintenance contract(AMC). If such expenses is incurred during the yar (suppose it take place in sep 08 to aug 09) In this case the amount paid for AMC will pertain to 2 PYs. How much should we consider for PY. Remaining expenditure should be disallowed for this PY or not?
I want to kown the treatment according to income tax.
if you are paid in advance then it is to be amortionised & shown paid in advace & tds is deducted
Amount pertaining to Apr 09 to Aug 09 will be considered as prepaid expenses
amount of each year to be bifurcated and to be claimed in each year separately.
CAclubindia
