Prior period income or expense
This query is : Resolved
27 August 2008
Whether prior period expense is allowed and income is taxable under the IT Act.
CA Pawan Goswami
(Expert)
27 August 2008
Prior period expenses are disallowed under the Income Tax Act
28 August 2008
Thanx sir,
what about the prior period income whether it is taxable under the IT Act.
what about the prior period income whether it is taxable under the IT Act.
S.Srinivasaraghavan
(Expert)
28 August 2008
Yes it is taxable, penalty will be levied if the income was omitted to be disclosed deliberately in the year in which they belong to.
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