Unrecorded purchas of Previous year
This query is : Resolved
sudha-swati
(Querist)
28 August 2009
Unrecorded purchase of F.Y. 2007-08 is recorded in F.Y. 2008-09 in books of Accounts. Whether it should be treated as prior period item ? whether it should be disallowed in computation of Income as per I.T. Act?
Ram Avtar Singh
(Expert)
28 August 2009
you are wrong. when materail received it will be recoded. no need to panic.it will be treated as usual.
chetan soni
(Expert)
28 August 2009
agree with the expert.
But you need to mention the same in the tax audit report in clause 22 (b).
The reason for this is, the bill is dated for f.y. 07-08.
But you need to mention the same in the tax audit report in clause 22 (b).
The reason for this is, the bill is dated for f.y. 07-08.
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