balance sheet
This query is : Resolved
30 October 2009
we are distributor firm.we have submitted our balance sheet for 2008-09.Due to some wrong entry by accountant,our sales were shown 1 lakh extra
in balance sheet.now,we have to file vat-20 form.according to returns our sale is 2000000.but according to balance sheet our sales is 1 lakh extra i.e.2100000. now what can we do as there is difference in sales according to return and balance sheet.we do not want to show differnce in vat-20 form.The sales in balance sheet are wrong.Can we revise balance sheet
in balance sheet.now,we have to file vat-20 form.according to returns our sale is 2000000.but according to balance sheet our sales is 1 lakh extra i.e.2100000. now what can we do as there is difference in sales according to return and balance sheet.we do not want to show differnce in vat-20 form.The sales in balance sheet are wrong.Can we revise balance sheet
Praveen Sharma
(Expert)
30 October 2009
1. You can revised your ITR if file before due date till 31.03.2010.
2. Also you can avoid to file revised return by showing the amount of sales of rs. 10000/- which was excess in B.s. as cash sales (if cash sales).
3. Otherwise forget what happen, if notice will come from deptt. then think that time. Even you can file revised return but by filing revised return there is always a scope of scrutiny proceedings.
Regards
2. Also you can avoid to file revised return by showing the amount of sales of rs. 10000/- which was excess in B.s. as cash sales (if cash sales).
3. Otherwise forget what happen, if notice will come from deptt. then think that time. Even you can file revised return but by filing revised return there is always a scope of scrutiny proceedings.
Regards
30 October 2009
My suggestion is revise the ITR in such a way that turnover tallies both in ITR and VAT-20 forms.
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