Prior Period Items

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....rior Period Items<br> Query (Issue) Started By: - sathyanarayanan kasinathan Dated:- 8-10-2010 Last Reply Date:- 8-10-2010 Income Tax<br>Got 1 Reply<br>Income Tax<br>The Auditor has classified a set o....

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....f 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 a....

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....re 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 permitted....

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.... 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.<br> Discussion Forum - Knowledge Sha....

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....ring ....