prior period expenses
This query is : Resolved
08 January 2008
Can expenses debited to profit and loss account as prior period expenses (aising as a result of error/ ommision in last years accounts) deductible under income tax act? If not under which section?
08 January 2008
the prior period expenses are the expenses of past years which was not recognised due to ommission or mistake . this it should be disclosed in such a manner that its impact can be perceived and if it is related to business and revenue in nature it will be allowed this year But capital or personal exp. are not allowed
09 January 2008
Over and above of what Ghanshyam said,
Disclose it under schedule VI in P&La/c
Disclose it under schedule VI in P&La/c
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
- Reopen of assessment proceeding
- Depreciation of fixed assets- coop housing society in mumbai
- TDS on Consultancy- Non DTAA
- Foreign lottery ticket bought online from India: legality, tax and consequences
- Rental income gst and it purpose
- EXPORT BILL UNDER LUT FREIGHT CHARGE INCLUED IN INVOICE IT LIABLE TO TAX
- COMMERCIAL INVOICE FOR MATERIAL AND FREIGHT
- Experts need help
- Tax Audit u/s 44AB for Transport Business A proprietorship is engaged in transportation business and
- Reprocessing of rectification order AY 2025-26
- Putting a heading on received mail
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- STATUTORY AUDIT OF A SMALL PRIVATE COMPANY INCORPORATED ON 28.03.2025
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
- Resigning a auditor from the company for misconduct
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
