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prior period icome /expenditure

Others 685 views 1 replies

sandeep

ASST. MGR

24 Points Joined July 2009

if in a year there is

prior period exp say 1000

same year

prior period income say 2000

prior period income say 1000

prior period income say 500

tax treatment in current year in

these three types

Replies (1)

Narayanan.R

Chartered Accountant

191 Points Joined October 2007

Originally posted by :sandeep
"	if in a year there is prior period exp say 1000 same year prior period income say 2000 or prior period income say 1000 or prior period income say 500 tax treatment in current year in these three types	"

As per As-5, if the prior period expenses and incomes are to be shown separately in P&L A/c just to facilitate and show the impact on current profit & loss caused due to this prior period item. Irrespective of the above amount the treatment is same.