Prior period income
This query is : Resolved
Nitin Garg
(Querist)
30 January 2014
what will be the treatment of prior period income under income tax act??? plz also refer section and link if available. .....
CA Rajya lakshmi
(Expert)
30 January 2014
Offer the income to tax in the subsequent Asst year to avoid penalities, if the tax rate of two year i.e prior and current are same then no problem , if there is diff then department people may object
ref : CIT vs. Vishnu Industrial Gases
ref : CIT vs. Vishnu Industrial Gases
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