Prior period Expenses
This query is : Resolved
14 August 2008
Whether Prior period expenses is allow as a deduction under Income Tax Act?
If Yes than how can????
If no pls speccify appropriate section or circular
If Yes than how can????
If no pls speccify appropriate section or circular
14 August 2008
Give an example. It depends upon case to case.
14 August 2008
Like Maintainence expenses incurred in the year F.Y. 2005-06 but payment and recognisition has been done in current financial year...
What if, Expenses of maintainence is ccapital nature(considere above example)
What if, Expenses of maintainence is ccapital nature(considere above example)
16 August 2008
Prior period exp. is not allowable
u/s 37(1) for calculating business/ profession income.Because 37(1) say it should relate to current year and it should not capital in nature and should not be personnal in Nature.
However you can revise your previous year return and claim in that year.
Regards,
Sandeep Aggarwal
u/s 37(1) for calculating business/ profession income.Because 37(1) say it should relate to current year and it should not capital in nature and should not be personnal in Nature.
However you can revise your previous year return and claim in that year.
Regards,
Sandeep Aggarwal
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