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Contract receipts

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Querist : Anonymous

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Querist : Anonymous (Querist)
28 September 2011 PLZ GIVE SOLUTIONS TO THIS:

IN KVAT MONTHLY RETURNS CONTRACT RECEIPTS HAD FILED RS.50 LAKHS INSTEAD OF 5 LAKHS, RETURNS ARE NOT REVISED WITH IN 6 MONTHS WHILE DOING 44AB AUDIT THIS MISTAKE HAS FOUND BUT AUDITOR CONSIDERING THE FILED TURNOVER ONLY. IS THERE ANY REMEDY TO COME OUT THIS PROBLEM.
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Querist : Anonymous

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Querist : Anonymous (Querist)
07 October 2011 NO REPLY PLEASE GIVE REPLY
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CA UMESHKUMAR R. ACHARYA

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CA UMESHKUMAR R. ACHARYA (Expert)
05 December 2011 So far as Income Tax Act is concerned you donot have to worry as filing return under kvat is no conclusive and after all it was a typografical or other error only. you can file your it return after taking into consideration actual Contract receipt/Turnover.

Under KVat if time for revised return has passed you can rectify the mistake while filing annual return.
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