Treatment of prior period income.

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deepak (Querist)
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20 February 2016 Sir/Mam,
I got a credit note from my party for fy 2014-15. Now please advice me how i will enter this in my accounts of Fy 2015-16 and what will be the effect on my income tax from this entry.

Thanks,
Deepak Kemni.

Suresh Ramaswamy

Suresh Ramaswamy (Expert)
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21 February 2016 Prior Period Income will be shown in the P & L Account under the head 'Exceptional Items' below 'Profit before Exceptional, Extraordinary Items and Tax'.

The income would be part of your taxable income for the current financial year i.e for F.Y. 2015 - 16.

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