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
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