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Want to show fa which claimed as allowable exp in earlier ye

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Querist : Anonymous

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Querist : Anonymous (Querist)
11 July 2012 in the earlier years MR Y has claimed the desiging exp as the deduction under allowable expenditure.


later now he realised that this content is useful for many years . Now he wants to show as fixed assets,

for this what he has to do require ?

Can he shows that exp as income and pay tax?

what else other solution?

he has bill.

pl guide by suggesting app section supporting
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CS, Deepak Pratap Singh

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CS, Deepak Pratap Singh (Expert)
11 July 2012 Dear Friend, according to AS 5,Prior period items, Extraordinary Items provide for disclousers of prior period items raised current period due mistake in prior period. You can claim as Intangible Assets of design expenses and amortised the same in useful life of that assets. But you have to pay income tax , since you have claimed as expenses in prior period.Thanks
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