https://www.taxtmi.com/forum/issue?id=2277 Prior period items arise from errors or omissions in prior periods and are reflected in current financial statements. For income tax there is no recognition of a distinct 'prior period items' category; such amounts are not allowable in the current year and, if substantial and permitted, must be addressed by revising earlier year returns within the statutory time limits rather than deducted now. en-us Fri, 08 Oct 2010 10:47:14 +0530 Thu, 23 Jan 2025 15:58:31 +0530 TaxTMI RSS Generator https://www.taxtmi.com/forum/issue?id=2277 Prior period items arise from errors or omissions in prior periods and are reflected in current financial statements. For income tax there is no recognition of a distinct 'prior period items' category; such amounts are not allowable in the current year and, if substantial and permitted, must be addressed by revising earlier year returns within the statutory time limits rather than deducted now. Discussion-Forum Income Tax Fri, 08 Oct 2010 10:47:14 +0530 https://www.taxtmi.com/forum/issue?id=2277