TaxTMI 
TaxTMI 
expenses pertaining to earlier financial years
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....xpenses pertaining to earlier financial years<br> Query (Issue) Started By: - paresh zatakia Dated:- 16-10-2015 Last Reply Date:- 8-12-2015 Income Tax<br>Got 1 Reply<br>Income Tax<br>Dear Collegues, ....
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....TT PL ia company in India which is a 100% subsidiary of An Italian Company called TTE. TTE supplies raw material to TTPL. TTPL because of huge losses could not pay its' import bills payable to TTE, ....
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....since 2008. TTE so far did not charge any interest to TTPL. TTPL annual accounts for f.y.2014-15 have already been finalized. Now TTE has sent debit note for interest for last four years i.e. from ....
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....f.y.2011-12 to f.y.2014-15 Shall such interest expense allowed under Income tax act? Kind regards, c.a.paresh Zatakia 9833855518 Reply By MARIAPPAN GOVINDARAJAN: The Reply: It may be incorporate....
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....d in the Profit & Loss Adjustment account.<br> Discussion Forum - Knowledge Sharing ....