income tax

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Guest

Guest (Querist)

19 June 2009 what is prior period expenses

CA CS CIMA Prakash Somani

CA CS CIMA Prakash Somani (Expert)
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19 June 2009 Expenses which are incurred prior to commencement of business.

CMA KNVV Sri Vidya - Sri Kanth

CMA KNVV Sri Vidya - Sri Kanth (Expert)
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19 June 2009 Expenses prior to commencement of business.

CA Devanshi Gandhi (Ajani)

CA Devanshi Gandhi (Ajani) (Expert)
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19 June 2009 agree with the experts

Jitender

Jitender (Expert)
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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

Manmohan ACA, CS (Expert)
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20 June 2009 agree

CMA Ankur Pandey

CMA Ankur Pandey (Expert)
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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.

taxindiaconnect

taxindiaconnect (Expert)
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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.