Prior Period Items

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..... Prior Period Items
Query (Issue) Started By: - sathyanarayanan kasinathan Dated:- 8-10-2010 Last Reply Date:- 8-10-2010 Income Tax
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Income Tax
The Auditor has classified a set .....

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..... of expenses as 'Prior Period Items' which accordingly goes to reduce the profit. What is the treatment of 'Prior Period Items' in Income Tax? Reply By GOPALJI AGRAWAL: The Reply: Prior period items .....

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..... are income or expenses which arise in the current period as a result of errors or omissions in the preparation of the financial statements of one or more prior periods.There is no such notion permitte .....

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..... d in Income tax. If the amount is substantial, then the assessee may revise the return of earlier if within time limit. These are not allowable in the current year.
Discussion Forum - Knowledge Sh .....

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..... aring .....

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