Can tax audit report be revised for change of balance sheet

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

09 December 2015 Dear Experts on Taxation, We have filed the Tax audit report and Income tax return befor 30.09.2015 for a firm with turnover of Rs40 crores.. But now the firm identified that many of the debtors and creditors are not correct and obtained some party's account statements. Though there is no change in the profit and loss, the Balance sheet figures will be changed.Is is also common that every year this case being selected for scrutiny. Now my problem and doubt is: if this year also selected for scrutiny, the debtor and crediotr balances as per account statements of parties will be different whcih assessing officer will add back. So shall I revise the tax aduit report and file a revised return.. Pl advise. I am worried.

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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09 December 2015 Yes you can revise tax audit report and file a revised return. The tax audit report follow the guide lines of the Institute SA_560(Revised).
Say in the report it is revised report referring original report with reasons for revision.

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