suresh (article) (146 Points)
17 May 2016
Vikas Gupta
(Tax Executive)
(530 Points)
Replied 17 May 2016
You cannot revise your return because of late filing but you can rectifly your return u/s 154. Apply for rectification request and make necessary corrections in your return.
suresh
(article)
(146 Points)
Replied 17 May 2016
Sir what will be the effect if i will not rectify it. It is small business tailoring work.
Plz sir kindly advice me the effect of non rectification and how can i rectify return and plz kindly specify the way.
Vikas Gupta
(Tax Executive)
(530 Points)
Replied 18 May 2016
Non-rectification of such error may or may not imporatant effect on return. If your return goes under scruitney, IT department may raise some query and if it doesn't get under scruitney, this may not create any problem.
To my mind you should file rectification u/s 154 only if IT department raise any question/demand.
U S Sharma
(glidor@gmail.com)
(21056 Points)
Replied 18 May 2016
stock of raw materials or finished goods does not matter a big if gross amount of stock in hand figure is same. make correction in your P/L and balance sheet,
mohammad rasool baig
(Management Consultant)
(1026 Points)
Replied 18 May 2016
In my opinion
For that small business, need not to opt for rectification of error U/s 154. So please leave it as it is.
It will be covered under manual error even if your return are considered for scrutiny & make sure that the value of the stock is same.
CA Janani
(ACA ACS DISA(ICAI))
(359 Points)
Replied 18 May 2016
the amount being immaterial, we need not resort to further modifications / rectifications
There is no tax impact on these change. this will not affect the income of the assessee .. minor defects in classification would not be a problem
sadashiv Rupchand Gaikwad
(Proprietor)
(521 Points)
Replied 19 May 2016
In case of small assessee, department not interested in scrutiny,Do not take tension about 100% accuracy.
CAclubindia
