Prior period expenses
This query is : Resolved
10 May 2009
Are prior period expenses are disallowed in current year?
If yes, why, because if we had not accrued them then in last year also we had not taken under exp, so if in current year these are disallowed then is it total loss for co. means in neither of years it is allowed.
If yes, why, because if we had not accrued them then in last year also we had not taken under exp, so if in current year these are disallowed then is it total loss for co. means in neither of years it is allowed.
10 May 2009
Yes.
They are disallowed according to Sec.37(1) of the Income Tax Act.
But you can revise your returns and claim the expenses.
They are disallowed according to Sec.37(1) of the Income Tax Act.
But you can revise your returns and claim the expenses.
10 May 2009
i agree with the expert, AS and Income tax are different issues.
11 May 2009
If you have not accrued last year,it does not mean it has not accrued in last year. In fact as per mercantile system of accounting you have to follow accrual method.
You can revise the return of last year and claim the same.
You can revise the return of last year and claim the same.
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