Booking of bills aftr 1 year from receipt
This query is : Resolved
21 November 2014
I am working in a Infra Co.our subcontractor worked in May,2013 But raised bill on 31st October 2014 When i booked the same our auditor rejected it and said it is disalloawable as per Income Tax Act. in this regard i want legal guideline
Amol S Joglekar
(Expert)
21 November 2014
If the work has been completed in May 2013, you should have provided the same in the year 2013-14. Let the bill is presented to you in 2014-15, but you were knowing that the work has been done in May 2013. Under mercantile system of accounting, you should have PROVIDED for the same in the accounts of 2013-14.
Rupesh Jain
(Expert)
22 November 2014
you can claim the exp in the same year in which you received the bill . you can claim the exp. of may 2013 during the year 2013-14. not after that
Amol S Joglekar
(Expert)
22 November 2014
Try to fnd out why the same has not been provided for in the concerned year
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