Tax treatment of Prior Period Items
This query is : Open
22 October 2009
What will be the treatment of Prior Period items in Income tax.
Whether the income will be taxed in current year or in the year to which it pertains ?
Please quote relevant reference. Thanx.
Whether the income will be taxed in current year or in the year to which it pertains ?
Please quote relevant reference. Thanx.
23 October 2009
It will be taxed in the year in which the item relates , unless you can satisfy the AO , that no provision was required for that income ,depending on your case .
You run the risk of 147(Income escaping assessment)
You run the risk of 147(Income escaping assessment)
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