Is the prior period expenses for traveling expenses of company employees incurred for business purpose allowed or not? If yes how to treat?
please advise
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Prior Period Expenses for Travelling
Replies (3)
Prior period expenses irrespective of which heading are disallowed under income tax.
Thanks Sir
But Sir, I have one query, prior period expenses are not allowed in current year, then suppose any prior period income is there
Then it shall be taxed in current year? if yes then same principle should be applicable to expenses & should be allowed?
Thanks in advance
Prior period expenses are not allowed in current year untill and unless the expenses have crystalised during the year.
Prior period expenses are not allowed in current year, but any prior period income is taxable as assessee is suppose to hide income, not expenses..
Prior period expenses are not allowed in current year, but any prior period income is taxable as assessee is suppose to hide income, not expenses..
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