Interest on Arrear salary
This query is : Resolved
amit kumar singh
(Querist)
15 May 2011
A Govt. company has paid Interest on arrear salary of the employees. around 20 lakh. For 5 years. whether this interest on arrear salary will be treated as prior period exp. as it does not belongs to this year.
or will it be allowed to Debit PL A/c in current year.
or will it be recognised as Misc Exp. & will be written off in 5 subsequent year. it is affecting pL A/C very adversely. & whether this will be allowed for tax computation of Current year. Kindly reply. or suggest the
Accounting STandard which relates to it & IT Sec.
or will it be allowed to Debit PL A/c in current year.
or will it be recognised as Misc Exp. & will be written off in 5 subsequent year. it is affecting pL A/C very adversely. & whether this will be allowed for tax computation of Current year. Kindly reply. or suggest the
Accounting STandard which relates to it & IT Sec.
U S Sharma
(Expert)
15 May 2011
expenditure can be booked on actual payment basis.
amit kumar singh
(Querist)
19 May 2011
Thank You sir for your kind consideration
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