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Income tax audit

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(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
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CA R SEETHARAMAN

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CA R SEETHARAMAN (Expert)
27 August 2020 It's not a prior period item. Reverse it in current year interest.
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Aashok Kumar Sharma

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Aashok Kumar Sharma (Expert)
31 August 2020 You can always reverse it in the current year
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