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.
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.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
- Resigning a auditor from the company for misconduct
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
- LLP audit under companies act
- Experienced CA recommendation from Kolkata for FNO return filing
- Interest Reporting in Form 168
- Sales of goods of amount Rs77 lakhs to a party
- Tax Demand of ₹4,650 for AY 2026-27
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
