My Query is about the treatment under Income Tax Act, of an expendiure of a particular Assessment Year(Say AY 1), which has not been claimed in that assessment year.If it is impossible for the assessee ,now,to revise his returns,can it be claimed in the next assessment year?
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Tax query
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You are talking about prior period exp.....as far as my knowledge is concerned, its not disallowed for tax computation.....its only mentioned in tax audit report.......lets c others reply too.....
Prior period expenditure cant be claimed as deduction while claculating total taxable income. However you will be reqruired to be proved to the satisfaction of the ITO sufficient reasons for not claiming the deduction for that particular A.Y. Else the expenditure would be disallowed.
Yes you can claim such expenditure in next A.Y.
example- as per section 40(i)(a)-where tds has been deducted by the assessee on any payment to NON-resident but failed to deposit it before the expiry of time limit u/s200(1) [i.e, 30th april of next year]. In such a case AO will not allowed the expenditure in the AY-1 but this expenditure will be allowed in the next AY-2 if tds will be paid in AY-2.
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