Accounts & tax

This query is : Resolved

kamna bisht (Querist)
Follow

05 April 2015 plz reply its urgent !
can anyone explain the treatment of expenses we have not recorded in the year 2013-14 but paid in the same year !

we have to revise our return or recorded it as expnse for prior period in p& l in the f.y 2014-15

Kaushik Joshi

Kaushik Joshi (Expert)
Follow

05 April 2015 Dear Kamna,

If you have filed your returns in time, then you can opt to revise your income tax returns for F.Y.13-14. Include the expenses incurred, in previous year.
If you record it as a prior period item in F.Y.14-15, then it shall be disallowed and would not amount to an allowable expenditure for the F.Y.14-15

Message likes : 1 times

kamna bisht

kamna bisht (Querist)
Follow

06 April 2015 Thanks for your reply !
We have to revise income tax return within one year from the end of the assessment year or before assessment thats with in the year 2015 - 16 ?

Kaushik Joshi

Kaushik Joshi (Expert)
Follow

06 April 2015 Yes what you have said is correct. According to section 139(5),
If any person, having furnished a return under sub-section (1), or in pursuance of a notice issued under sub-section (1) of section 142, discovers any omission or any wrong statement therein, he may furnish a revised return at any time before the expiry of one year from the end of the relevant assessment year or before the completion of the assessment, whichever is earlier.

Message likes : 1 times

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Similar Resolved Queries

Unanswered Queries

Popular
Recent

Trending Online Classes

Direct Tax Laws & International Taxation May 26,Sept 26 & Jan 27

CA Arvind Tuli

Enroll Now
Audit Fast Track Recorded Batch For May 26,Sept 26 & Jan 27

CA Aarti Lahoti

Enroll Now
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English

CA Bhanwar Borana & CA Shubham Keswani

Enroll Now

view all classess

Meet our CAclubindia PRO Members

tsrandcompany@gmail.com

John Ravindran Moses

CA Uzma Khan

Adv Ashish Vishwakarma

yadagiri

Subscribe Now

Accounts & tax

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

Manager- Finance and Compliance

Accountant

GST CONSULTANCY

CA Final

GST CONSULTANT

Senior Executive