Hi..
Please confirm wheather we need to pay tax on prior period income in current year.
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Prior period income
Replies (1)
Ideally prior period income is to be taxed in the year in which it accrued or was received depending on the mode of accounting being followed by you and the relevant head of income.
If there is no scope to revise the earlier year's return or if it's assessment has been concluded then it is best you show it in the year in which you have accounted the prior period income.
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