Accounting Standards-Prior period Income
This query is : Resolved
29 December 2008
How should I book Prior period income/E Income in books,
also please explain it impacts on taxation
also please explain it impacts on taxation
CA Chaitanya
(Expert)
29 December 2008
Prior period income or expenditure should be seperately disclosed in the profit and loss account.
CA Chaitanya
(Expert)
29 December 2008
Accounting treatment should be done as per the accounting standard-5.
CA Chaitanya
(Expert)
29 December 2008
You can refer the Accounting standard ii issued by CBDT - Prior period and extraordinary items for the taxation impact.
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