Our company's balance sheet has been signed. After studying it I found, some of expenses which belong to FY 2009-10 has been not booked. although Tds was deducted and deposited in the March-10 and invoices date is also march-2010. will this thing bring some penalty or its correct according to law. Please guide me.
20 October 2010
well its a big amount... and you have to revise it.
Revise ITR and balancesheet. File revised return also. You cannot claim that exp next year as it will be disallowed. For current year, IT wont have problem as you have paid higher tax, but they will disallow it next year. SO its your benefit to reduce tax liability by 3 lacs..
CAclubindia
