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
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prior period icome /expenditure
Replies (1)
| 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.
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