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Issue ID : 110975
- 0 -

Prior period expense

Date 29 Sep 2016
Replies8 Answers
Views 8761 Views
Asked By

Dear Sir,

Please explain which type of expenses can be booked as prior period expenses.

How can done accounting??

Any audit points?

Thanks & Regards,

Sanjay Vasava

8 answers
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Old Query - New Comments are closed.

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- 0
Replied on Sep 29, 2016
1.

Normally prior period expenses are booked for which already there is no provision has been made. The prior period expenses are booked in the Profit & Loss Adjustment account if it exceeds ₹ 5 lakhs. If it is below it is used to book it for current year expenditure.

- 0
Replied on Sep 29, 2016
2.

Dear Sir,

Service tax credit availability on prior period expense. Please suggest.

Thanks & Regards,

Sanjay Vasava

- 0
Replied on Sep 29, 2016
3.

First you have to consider the provisions of point of taxation. Then you have to consider the time limit for taking the credit.

- 0
Replied on Sep 29, 2016
4.

The provision states that the credit shall be taken within one year from the date of invoice. Hence if the prior period expense is booked against the provison of previous year then also credit would be allowed if the invoice is less than one year old.

- 0
Replied on Sep 29, 2016
5.

Dear Sir,

Service provider raised the invoice and mentioned current month date but service period has mentioned feb - 2016. In this case I booked an invoice in respective heads as prior period expense. But I need clearity, we can avail service tax credit or not.

Thanks

Sanjay Vasava

- 0
Replied on Sep 30, 2016
6.

Yes, you can take the credit.

- 0
Replied on Oct 2, 2016
7.

CENVAT credit can be availed within one year from the date of issuance of an Invoice.

- 0
Replied on Oct 2, 2016
8.

I am also of the same views as expressed by learned experts.

Old Query - New Comments are closed.

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