previous year expense's treatment under income tax
This query is : Open
04 July 2009
hi
can anyone tel me whether previous year expenses, not booked in accounts last year,be booked in current year and will they will be allowed as deduction under income tax act in current year?
Aslo i would like to know the treatment under companies act in current year.
can anyone tel me whether previous year expenses, not booked in accounts last year,be booked in current year and will they will be allowed as deduction under income tax act in current year?
Aslo i would like to know the treatment under companies act in current year.
Rajesh U. Ameta
(Expert)
05 July 2009
in income tax it will not allowed.
in PL A/c it will be shown below the line of PL.
DTA/DTL may come in picture.
in PL A/c it will be shown below the line of PL.
DTA/DTL may come in picture.
06 July 2009
agree
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