Related to prior period items.
This query is : Resolved
Murli Dadhich
(Querist)
22 September 2014
I have a company. No activities have been conducted in last year 12-13 and current year 13-14. But by mistake in last year I treated all expenses as pre-operative expenses and has not written off them. Can we treat these expenses as "Prior Period Items" and as per Income Tax Act will it be allowed or disallowed and under which section. And it's treatment too.
Rupesh Jain
(Expert)
22 September 2014
period period exp will disallowed under the income tax act.
you can show this exp. separately under the company act.
you can show this exp. separately under the company act.
Murli Dadhich
(Querist)
22 September 2014
Please tell me the section of IT in which prior period expenses are disallow and is there any clause to disclosed it in Audit Report
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