i wanted to know that, whether cbdt has drawn a circulars on Prior Period Items?
what is the prior period items according to income tax act and its treatment under this act?
Kindly reply as soon as possible.
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CBDT Circulars
Replies (1)
Mostly the expenses are not alowable under the Act as one of the condition for 37(1) is that the expenses should relate to current year
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