Will any one tell me how to present in financial statement the income which is discovered by Income Tax Department.
Mayank Shyamsukha (CA FINAL) (119 Points)
28 September 2010Will any one tell me how to present in financial statement the income which is discovered by Income Tax Department.
Harsha
(Chartered Accountant CS (Final))
(227 Points)
Replied 29 September 2010
May be if it relates to earlier financial period, then as per AS "Profit of Loss for Prior period Items". For current year we can disclose it separately, in Notes to accounts if the value of the discovered amount is material
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