Some Plant AC maintenance charges for previous year was not provisioned.. it is taking place in current year. How to deal with prior period unprovisioned expenditure? What about tax audit impact? Is it AS 4 , Cl 44 of Form 3 CD.
Please advise
3 Replies
sabyasachi mukherjee
(27589 Points)
Replied 30 November 2023
Unprovisioned expenditure has to be qualified as contingent liability with a notes on accounts.
RAJA P M
("Do the Right Thing...!!!")
(128091 Points)
Replied 30 November 2023
You can book the expense in CY and note as "Previous Year Expenditure".
Recent Topics
- ITC CLAIM In November 2024
- Loans principal payment query in balance sheet
- E Invoice Requirement Above 10 Cr TO Latest regula
- If I hire a sales rep on commission only basis wit
- E-INVOICE IS MANDOTARY OR NOT FOR SELLING EXEMPTED
- ADVANCE ADJSUTMENT
- TDS ON METAL SCRAP THRESHOLD LIMIT
- Capital gain tax for property before 23rd July 202
- UDIN Generation date
- LIC Bima Sakhi Yojana
Related Threads
Trending Online Classes
-
6 days Certification Course on GST Practical Return Filing Process
CA Pratibha Goyal16 December 2024
CAclubindia
