income tax
This query is : Resolved
Guest
Guest
(Querist)
19 June 2009
what is prior period expenses
19 June 2009
Expenses which are incurred prior to commencement of business.
19 June 2009
Expenses prior to commencement of business.
19 June 2009
agree with the experts
19 June 2009
AS PER AS-5 , PRIOR PERIOD EXP ARE THOSE EXP WHICH ARISE OUT OF ERROR OR OMISSION IN PREVIOUS YEAR PERIOD AND ARISE IN CURRENT YEAR.
Manmohan ACA, CS
(Expert)
20 June 2009
agree
CMA Ankur Pandey
(Expert)
20 June 2009
Prior period items are income or expenses which arise in the current period
as a result of errors or omissions in the preparation of the financial
statements of one or more prior periods.
as a result of errors or omissions in the preparation of the financial
statements of one or more prior periods.
taxindiaconnect
(Expert)
26 June 2009
Just for the sake of clarification , the expenditure which are incurred prior to commnencement of business are expenditure prior to commencement and are laible to be capitalised in books along with capex if belong to capex direclty. Indirect expenditure are charged to P & L Account. The prior period expenditure and incomes are those as defined by Ankur Above.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Depreciation Chart Companies Act
- GST Audit whether Govt Companies are exempt?
- PTRC Show Cause Notice on Email
- Capital Gail Exemption Certificate
- Unable to File TDS Q2 Return – New TRACES Portal Error
- Not ordinarily resident having partnership income in India and salary in USA is any form to filed be
- Issuing of delivery challan by seller of goods
- MSME disclosure and disallowance
- Taxation of crypto futures in India Fy 2026- 2027
- EPF ECR NEW RULES Sep 17th 2026
- Accounting treatment of AMC alongwith the purchase of Laptop
- GST Treatment of Purchases with GST Paid where Outward Supplies of Manufactured CattleFeed Exempt
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
