Income tax audit
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MANOJKUMAR G JAIN
(Querist)
27 August 2020
sir company reverse interest income more than one year can the company can do also we treat the reverse interest income prior period item or not. tell me the treatment of interest reversal
CA R SEETHARAMAN
(Expert)
27 August 2020
It's not a prior period item. Reverse it in current year interest.
31 August 2020
You can always reverse it in the current year
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