Can any one help me the following query

This query is : Resolved

jagdish dhurve (Querist)
Follow

29 February 2016 we paid cash in the bank for E-payment of Mvat of sale tax assessment period 01.04.2012 to 31.03.2013. Tax - 1107/-, interest - 509/-, bank charges - 50/- how to record this entry in current year 2015-2016.

Suresh Ramaswamy

Suresh Ramaswamy (Expert)
Follow

29 February 2016 The expenses pertains to previous periods and hence is an prior period expense. The MVAT though paid in the current year when the liability was quantified arose in 2012 - 13 and hence would be treated as a prior period expense. Interest on MVAT and Bank Charges can be charged directly to current year expenses and the tax paid should be shown as prior period expenses.

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

Chnmaya parhi

NIKHIL GUPTA

Sabareesan S Venkatesh

Purav Dholakia

sinu kurian

Subscribe Now

Can any one help me the following query

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

Manager- Finance and Compliance

GST CONSULTANCY

CA Final

Accountant

Senior Executive

GST CONSULTANT