Some Plant AC maintenance charges for previous year was not provisioned.. it is taking place in current year. How to deal with prior period unprovisioned expenditure? What about tax audit impact? Is it AS 4 , Cl 44 of Form 3 CD.
Please advise
3 Replies
sabyasachi mukherjee
(27771 Points)
Replied 30 November 2023
Unprovisioned expenditure has to be qualified as contingent liability with a notes on accounts.
RAJA P M
("Do the Right Thing...!!!")
(128106 Points)
Replied 30 November 2023
You can book the expense in CY and note as "Previous Year Expenditure".
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