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Prior period expenses
under which sec prior period exp are disallowed?
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Quick Summary
Hi,
https://www.caclubindia.com/experts/prior-period-expenses-1148664.asp#:~:text=It%20is%20already%20enacted%20in,related%20to%20the%20current%20year.&text=21%20November%202012%20Us%20145,profession%20and%20the%20other%20Sources.
Not really! In my opinion Sec 14A refers to those exp which have been incurred to earn exempt income.
Sec 14 A is for those Exp whose respective income is exempt
sec 41(1) which exp are claimed earlier and these exp are waive off in next year then such exp will be considered as income
sec 40A(3) when exp are claimed more than 10000/- and next payment made in cash then such exp will be disallowance and consider as income
sec 41(1) which exp are claimed earlier and these exp are waive off in next year then such exp will be considered as income
sec 40A(3) when exp are claimed more than 10000/- and next payment made in cash then such exp will be disallowance and consider as income
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