Prior Period expenses
This query is : Resolved
Dayanand Mollate
(Querist)
04 December 2019
Dear Sir,
How to book the expenses which are related to Last financial year 18-19 in Current Financial year 2019-20 ? Is there any effect of Income tax? Is these expenses can allow in Current financial year 2019-20?
Dayanand.M
How to book the expenses which are related to Last financial year 18-19 in Current Financial year 2019-20 ? Is there any effect of Income tax? Is these expenses can allow in Current financial year 2019-20?
Dayanand.M
04 December 2019
Account in 'prior period expenses/ income' a/c. Show in profit and loss a/c as
separate item. Disallow u/s 37 in current year income tax computation.
separate item. Disallow u/s 37 in current year income tax computation.
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