Hi
Some of the purchase invoices which were about 1 lakh have been missed out in fy 2019-20. Is there any chance to take into account during this year.
kindly guide regarding this.
1) As per IND AS 8 , You can Book above purchases expenses as Prior period Expense in the Current Financial year F.Y 20-21 , if you have not booked last year and omitted .You have to show separately in Profit & Loss Account as " prior period expense for F.Y 2019-20 "
2) The ITC of the prior period Expense will not be allowed as per section 16(4) of the CGST act 2017
3) Under Income Tax act above expense are Not allowed .
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