Difference in Opening Balance
This query is : Resolved
16 June 2008
THERE IS Majore difference in Opening Balance between Party & Company Ledger for the F.Y.2007-08 Like :-
In Party Account :- Our Balance is DR. 47,000/- Somthing
In Company Account :- Party Balance is CR. 4,00,000/- Something.
The Problem is we submitted our Income tax return for the A.Y.07-08 [F.Y.06-07]
Now what should We do for matching the Balance
In Party Account :- Our Balance is DR. 47,000/- Somthing
In Company Account :- Party Balance is CR. 4,00,000/- Something.
The Problem is we submitted our Income tax return for the A.Y.07-08 [F.Y.06-07]
Now what should We do for matching the Balance
16 June 2008
In this case your auditor has to take a call whether to go for a revised return or report the error in the subsequent financial statement as there would be major impact on your income tax liability depending upon the nature of the transaction.
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