Expenses payable in b/s
This query is : Resolved
Navneet Kaur Chawla
(Querist)
02 September 2016
If an expenses payable (eg Audit fee payable) appears in balance sheet for how many years it can remain due i.e payment is not received
Amol S Joglekar
(Expert)
02 September 2016
do you mean to say....Payment is NOT made....?????
If the same remains UNPAID for more than reasonable period of times......Income tax dept may ask the same to be treated as the INCOME of the year in which such expenses is reversed.
If the same remains UNPAID for more than reasonable period of times......Income tax dept may ask the same to be treated as the INCOME of the year in which such expenses is reversed.
Navneet Kaur Chawla
(Querist)
02 September 2016
what is the reasonable period of time for this
Navneet Kaur Chawla
(Querist)
02 September 2016
yeah..i mean payment is not made
Amol S Joglekar
(Expert)
02 September 2016
it will depend upon the situation ..... it may differ from case to case..... normally 1 year would be regarded as reasonable...
say for example, the audit fees of 2015-16, may at the most be paid in 2016-17..... so one year could be reasoonable...
say for example, the audit fees of 2015-16, may at the most be paid in 2016-17..... so one year could be reasoonable...
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