Hello all,
Assessee has paid entry tax of a.y. 11-12 and 12-13 in a.y. 2015-16. Will it be covered under prior period item? As definition of prior perior says, " income or expenses which arise in current year as a result of error or omission in prepartion of financial statement of one or more prior periods."
Yes it will be considered as prior period items.
& the same will be debited in the P&L Account
Regards
Piyush Tanwar
M - 9717468521
I am talking about tax..section 43b says tax expense is allowed on payment basis only if otherwise allowable. But in this case provision in books was not made in earlier years. So it wont be allowed as it is a prior period item?
Bharat Shah & Associates
Mumbai
CA Inter
View Details
Austin Med Solutions Pvt Ltd
Bengaluru
CA
View Details
Subrahmanyam & Sivudu CA Firm
Hyderabad
CA Inter
View Details
CCI
Pro
CAclubindia
