Prior perid expenses

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Querist : Anonymous

Querist : Anonymous (Querist)

09 December 2013 Sir

this is nagendra Sr accountant

Prior period expenses Allow or Not as per income tax Act?

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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09 December 2013 if they were not taken for deducting from income in prev year and they are not disallowed under income tax act then its allowed.

Querist : Anonymous

Querist : Anonymous (Querist)

09 December 2013 No they are not taken as deduction in previoue year.

they are omission previous year but entered in current year it allowble current year or not

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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09 December 2013 Yes but they should not been subject to any specfic disallownace under income tax act.

Querist : Anonymous

Querist : Anonymous (Querist)

09 December 2013 No

in my Organisation income dept Disallow prior period expenses AY 2009-10

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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09 December 2013 Then under which section they disallowed u?

Querist : Anonymous

Querist : Anonymous (Querist)

09 December 2013 Section 37(1) as per income tax

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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09 December 2013 sec 37(1) cannot be invoked as its a section for giving deduction for gen business exp exclusively for business...so how can he disallow you as its not personal exp and it is in relation to business only.

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