Tax Audit -Prior Period Items
This query is : Resolved
29 May 2010
During the year 2009-10,The Sales Tax Department has levied a sum of Rs 10,000 as Sales Tax Penalty for 2008-09 on account Short payment of Output Vat .
whether the expenditure of Rs 10,000 which is pertaining to 2008-09 can it be considered as prior period item.
whether the expenditure of Rs 10,000 which is pertaining to 2008-09 can it be considered as prior period item.
29 May 2010
no, since the order of levying penalty is passed in the current year.
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29 May 2010
Penalty regarding to Govt Due will be allowed in the year in which is imposed.
Hence it is not prior period items
Hence it is not prior period items
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