Recification Entry
This query is : Resolved
30 May 2008
Can we Pass Rectification Entry of 2007-08 in fin yr 2008-09 in any condition
CA. Yayati Tyagi
(Expert)
30 May 2008
i think u can if it is not possible in 2007-08. but pls don't try to create suspence, simply ask by giving an example of wrong entry.
30 May 2008
in following cases
1.Last year exp. is booked short/ Excess
2.Last year income is booked short/excess
3.last year asset is booked short/excess
4.last year liab is booked short/excess
in case of return is filled and not filled
1.Last year exp. is booked short/ Excess
2.Last year income is booked short/excess
3.last year asset is booked short/excess
4.last year liab is booked short/excess
in case of return is filled and not filled
CA. Yayati Tyagi
(Expert)
30 May 2008
if return not filed: if ur accounting software allows to modify old entries or make entry on 31.03, then do it in same year. otherwise make entry in next year.
if return filed : all these are cases of wrong estimate, u can make correction entry in next year, it is fully allowed by accounting principles and tax laws.
if return filed : all these are cases of wrong estimate, u can make correction entry in next year, it is fully allowed by accounting principles and tax laws.
31 May 2008
If i Pass rectification JV - where in i have debited or credited worng account in 2007-08 can i rectify the same in current year 2008-09 after return is filled
CA. GOPAL SONIKA
(Expert)
31 May 2008
31 May 2008
if i Debit "A" Branch instead of "B" Branch in 2007-08 then can i pass rectification entry in 2008-09 after return is filed for 2007-08
CA. Yayati Tyagi
(Expert)
02 June 2008
remember one golden rule :
NO RESTRICTION ON PASSING RECTIFICATION ENTRIES ANY TIME.
u can pass any rectification entry as soon as u find the error. so don't worry, go for it.
if return not filed : if can pass in relevant year, pass it
if return filed : pass in earliest date in which u can.
but on the other hand i suggest that if the error make material change in taxable income and u can rectify in relevant year, better u pass in that year and revise the return.
NO RESTRICTION ON PASSING RECTIFICATION ENTRIES ANY TIME.
u can pass any rectification entry as soon as u find the error. so don't worry, go for it.
if return not filed : if can pass in relevant year, pass it
if return filed : pass in earliest date in which u can.
but on the other hand i suggest that if the error make material change in taxable income and u can rectify in relevant year, better u pass in that year and revise the return.
05 June 2008
whever u have problem, call me are sms me on 09424515253. through chat we can solve problem. (I am account teacher since 20 years. So many my student get rank in CA Exams.) SUBJECT OF EMAIL SHOULD BE "ONLINE ACCOUNT STUDENT AVAILABLE"
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- GSTR9 Annual Return
- Clarification on GST, TDS, and Accounting Provisions for Import/Export Commission Agents,profes. ser
- Ito add credit side of bank
- Employee secondment
- Applicability of tax on invoice
- Import of Capital Machine
- LLP audit and disclosure
- Capital gain on commercial property and investment in residential property
- Gift to nri relatives resides in usa
- Positive Balance in RCM Liability/ITC Statement – Commercial Rent RCM – Guidance Required
- Regime change
- Tally: Imported bank entries do not show up in manual reconciliation
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
- Resigning a auditor from the company for misconduct
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
- Need Professional Opinion - AY 2012-13 Old Demand & AY 2026-27 Refund Adjustment
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
