Previuos year expense
This query is : Resolved
26 August 2010
Is there any provision for disallowance
under the IT act,1961, relating to previous year expenses debited in the current year other than statutory payments.
under the IT act,1961, relating to previous year expenses debited in the current year other than statutory payments.
26 August 2010
See Normal under / over accruals are not considered as prior period expense. Further, in accordance with the method of accounting followed, any item, which although it relates to an earlier year, materialized or crystallized during the year or arose out of an event during the year, has been considered as expenditure/ income of the year.
so though the same can be disllowed u have to prove ur expenses claim within the above mentioned statement.
so though the same can be disllowed u have to prove ur expenses claim within the above mentioned statement.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- CG after sale of flat
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
