How to pay last year's unprovisioned exp.
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
12 August 2011
Dear All,
I am having query of following nature
A user dept fails to provide provision of an expense in year end.
Now they have submitted the bills to accounts
Accounts guy is telling him that he can pay only 65% of bill as company has already loast exposure of corporate tax @ 35% of this expense due to being unprovisoned expense.
What is the correct way to tacking such issue
Dear All,
I am having query of following nature
A user dept fails to provide provision of an expense in year end.
Now they have submitted the bills to accounts
Accounts guy is telling him that he can pay only 65% of bill as company has already loast exposure of corporate tax @ 35% of this expense due to being unprovisoned expense.
What is the correct way to tacking such issue
13 August 2011
yes. if you are not provided the expenses during the particular period and providing the same in next period, it will be treated as prior period expenses and disallowed under income tax.
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