prior period item
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
12 June 2010
A co. is enagaged in a job work in cloth.company has availed consultancy service in vaastu, architectural & interior designer for designing the installation of plant & machineries and other office equipments as well as design of office in the month of march-10.service provider has raised the bill on 01/04/2010. company has paid a sum of Rs.300000/- Now, my question is whether such exp. is considered as prior period exp. u/s. 44AB of I.T.Act-1961 and under AS-5.
Snehal Parikh
(Expert)
13 June 2010
As the Company gets service in March-10, the company should make provision for expenses in books of account in financial year 2009-10,eventhough the bill is received as on 1st April,2010. Hence the question prior period does not arise.
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