Prior period expense

Eldhose MV (Associate) (63 Points)

15 August 2020  

I want to know whether prior period expenses are tax deductible?

Scenario- A company has received the bill dated march 31st on may 1st, by the time accounts was closed. So these expense has accounted in next fy. Please tell me whether these expense can be claimed in the fy in which it is accounted? 

 

Thanks in advance