Prior period expenses
This query is : Resolved
05 April 2012
Sir,
I have a query regarding prior period expenses. if exps relating to year 2010-11 are entered in the books of year 2011-12 and also the bill is of date before 31-03-2011, what shall be the tax treatment?
I have a query regarding prior period expenses. if exps relating to year 2010-11 are entered in the books of year 2011-12 and also the bill is of date before 31-03-2011, what shall be the tax treatment?
05 April 2012
Bill date is not relevant, but availment of services is important. If the services are availed in 2010-11, then it is a prior period expense. It will be disallowed in Income tax.
However, before classifying an expense as a prior period, see the materiality of such expense.
However, before classifying an expense as a prior period, see the materiality of such expense.
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