Accounting treatment on expenses disallowed by i.t.
This query is : Resolved
17 December 2012
Dear Experts,
1) If in case of assessment AO disallow some expenses debited to P&L 3 years back, then what will be accounting treatment ?
2) If AO adds some income at the time of assessment, then what will be accounting treatment ?
Thanks.
1) If in case of assessment AO disallow some expenses debited to P&L 3 years back, then what will be accounting treatment ?
2) If AO adds some income at the time of assessment, then what will be accounting treatment ?
Thanks.
17 December 2012
1. It means that short provision you have made in the earlier years now it will be recorded like-
Short/Excess provision for IT A/c Dr. XXX
To Provision for IT(A.Y....) XXX
Short/Excess provision for IT A/c Dr. XXX
To Provision for IT(A.Y....) XXX
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