Should a EOU get exemption u/s 10 B for prior period Expenses?
1 Replies
Rajagopalakrishnan R
(PARTNER)
(1422 Points)
Replied 20 September 2011
There is no concept of prior period expenses in IT Act. If the expenses is incurred/paid in the year of claim, the it is allowable in that year in spite of the same being related to some previous year if the liability to pay was crystallised only in the claim year
Recent Topics
- Eway Bill Address
- What is tds12
- SECTION 148 PROCEEDING
- GST AUDIT 01 - NOTICE
- Capital gain purchase date
- Transmission of deceased's shares in physical form
- Income tax notice but unable to file updated retur
- Income tax depreciation deductions
- GST Notice (Under Section 73)
- Asset Declaration in ITR2 for flat purchased in jo
Related Threads
Trending Online Classes
-
PF & ESI Course - Labour Code 2019 Along with Examples and Case Studies
Mr.Balamurugan Ranganathan13 March 2025
CAclubindia
