Tax audit & accounts
This query is : Resolved
14 December 2012
Sir,
a pvt. Ltd. company paid property tax for previous 3 years, but in accounts no provision for liablities has been made, now what should we do to correct it, and what is the implication on tax audit and accounts. plz suggest..........
a pvt. Ltd. company paid property tax for previous 3 years, but in accounts no provision for liablities has been made, now what should we do to correct it, and what is the implication on tax audit and accounts. plz suggest..........
14 December 2012
Hi
In case no provisions was made in books then prior period expenses is disallowed under income tax, so expense to the tune of that amount will be diallowed for calulating taxable income of current year.
Now coorection can not be done for tax audit purpose.
Thx//Vaibhav
In case no provisions was made in books then prior period expenses is disallowed under income tax, so expense to the tune of that amount will be diallowed for calulating taxable income of current year.
Now coorection can not be done for tax audit purpose.
Thx//Vaibhav
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