Prior period or not.... solve.
This query is : Resolved
26 June 2009
Income tax provision for AY 2008-09 is 2,00,000/- & it was paid in AY 2009-10 including Interest under 234,A,B,C of Rs.20,000/-.
I want to know that Rs.20,000/- is prior period or not.
whether it is allowed or not?
I want to know that Rs.20,000/- is prior period or not.
whether it is allowed or not?
Ratan Sharma
(Expert)
26 June 2009
Income Tax is a personal expense and never allowable in income tax act. Rs. 20,000/- is also not a prior period item for the A.Y. 2009-10.
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