Prior period income
This query is : Resolved
Ritesh Maheshwary
(Querist)
21 September 2010
Is Prior period income is taxable income as per income tax act? also if in a particular year if there is Prior period expense , can i set off such expense against such prior period income & Claim net amount as prior period expense?
Hemu Kapoor
(Expert)
23 September 2010
yes it would be allowed or taxable .
better approach would be not to set them off if the amount is significant.
better approach would be not to set them off if the amount is significant.
Ritesh Maheshwary
(Querist)
24 September 2010
Thanks
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