Expenditures from prior years allowed in current year if crystallized, under mercantile accounting for income tax.

Expenditures from prior years allowed in current year if crystallized, under mercantile accounting for income tax. https://www.taxtmi.com/highlights?id=51448 Prior period expenses - The expenditure is not to be disallowed merely because it related to earlier previous year. In short under mercantile system of accounting the liability is allowable in the year it crystallized. en-us Mon, 27 Jan 2020 05:32:47 +0530 Mon, 27 Jan 2020 05:32:47 +0530 TaxTMI RSS Generator Expenditures from prior years allowed in current year if crystallized, under mercantile accounting for income tax. https://www.taxtmi.com/highlights?id=51448 Prior period expenses - The expenditure is not to be disallowed merely because it related to earlier previous year. In short under mercantile system of accounting the liability is allowable in the year it crystallized. Highlights Income Tax Mon, 27 Jan 2020 05:32:47 +0530 https://www.taxtmi.com/highlights?id=51448