Allowance or disaalowance of prior period expenses
This query is : Resolved
Dhiraj kumar
(Querist)
12 August 2013
Dear Sir,
I want to know that whether prior period expenses are allowed or disallowed under Income TAx Act,1961.
Please also tell me section under which its treatment is provided.
Regards
Dhiraj Kumar
I want to know that whether prior period expenses are allowed or disallowed under Income TAx Act,1961.
Please also tell me section under which its treatment is provided.
Regards
Dhiraj Kumar
CA Vijeta Verma
(Expert)
12 August 2013
yes allowed under PGBP under section 35D in 5 equal instalments subject to the condition that total expenditure should not exceed 5% cost of project( for other assessesee) or capital employed or cost of project for Indian company.Excess ignored.
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