05 January 2013
sir pls tell me if a firm audited ..and net profit under slab rate as nil tax return filed. later on find that closing stock revalued in upward directn..accordingly net profit come under taxable range so in that case how many places changes required and in what manner....i mean how accounts modified and return....
05 January 2013
You should revise your return alongwith audit report and also you need to pay tax & intrest on such increased income; but remember, your assessing officer may impose the penalty for concealment / understatement of income if no reasonable cause is produced by you..!!
16 January 2013
As regards revising the return and audit report it is correct but till the concealment is detacted by the AO no penalty canbe levied. The interest is to be calculated u/s 234B and C provided you have filed your return in time otherwise you are also liable for 234A. 234A is to be calcualted from the due date till payment is made 234B to be calculated from 1st April till assessment 234 C to be calculated for installment default if company then for 3 Quaters @ 3% and for March Quater 1% The calculation is to be done on the gross amount of tax
CAclubindia
