Audit

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R. vishwanathan (Querist)
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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....

thanx ....

CA. Shashi Kumar Gupta

CA. Shashi Kumar Gupta (Expert)
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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..!!

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R. vishwanathan

R. vishwanathan (Querist)
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06 January 2013 how we can calculate interest on tax...for assessment year 2012-13..
and is there any obligation after revising audit report...
thanx

C A S.S.Agarwal, M.Com.,LL.B,

C A S.S.Agarwal, M.Com.,LL.B, (Expert)
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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

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