Asset Purchased debited to purchase account


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Querist : Anonymous

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Querist : Anonymous (Querist)
03 March 2010 Sir,
If inadvertently a purchase of fixed asset is treated as purchases and return filed claiming full deduction then , what would be its tax consequences . ( Return Filed Within Time )

03 March 2010 What is the value of the asset. Based on value you should act upon. If the value is more file revised return. If the value is very less pass journal entries this year.

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Querist : Anonymous

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Querist : Anonymous (Querist)
03 March 2010 Sir if tax audit applicable to the firm then can the return be revised ????

03 March 2010 Yes. The return can be revised.

03 March 2010 Revise the return is best

04 March 2010 file revise return

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Querist : Anonymous

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Querist : Anonymous (Querist)
05 March 2010 Sir ,
If it is a case of a pvt ltd company , and roc annual returns have been filed ... can the return still be revised .


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