Full payment details not shown during the audit
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
07 October 2011
Dear Experts,
One of the client falling below tax audit limit, however the audit was done as the profit was below 8 % now the audit has been done and the rertun has been filled. Now the assessee has revceived another paymnet certificate pertaning to preevious year 2010-11 on which tax has been deducted at source,
Now as there is no provision for revision of audt report as per my understanding. Now what is the option available to the assessee.
Is there any liablity on this part of the Auditor.
One of the client falling below tax audit limit, however the audit was done as the profit was below 8 % now the audit has been done and the rertun has been filled. Now the assessee has revceived another paymnet certificate pertaning to preevious year 2010-11 on which tax has been deducted at source,
Now as there is no provision for revision of audt report as per my understanding. Now what is the option available to the assessee.
Is there any liablity on this part of the Auditor.
07 October 2011
If your client maintaining the accounts on cash basis, the income will be offered for taxation in the year of receipt.The TDS will also be claimed in the year when the income is offered for taxation.
Otherwise, the return has to be revised giving the effect of receipt and TDS.If it is clearly proved that the information is genuinely received after the date of audit, the auditor can justify the non-inclusion in the audit report.
Otherwise, the return has to be revised giving the effect of receipt and TDS.If it is clearly proved that the information is genuinely received after the date of audit, the auditor can justify the non-inclusion in the audit report.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- CAPITAL GAIN BASE ON NOTIFICATION
- Form 140 tds
- Taxable or Tax exempt
- ADVANCE PAYMENT OF ADVOCATE
- Demand Outstanding AY 2013-14 TDS Deducted not shown in 26as
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- NRI starting business in India
- TDS Deducted AY-2013-14 Not Reflected in 26as
- CREDIT NOTES WITHOUT GST
- Filling ITR - U
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- STATUTORY AUDIT OF A SMALL PRIVATE COMPANY INCORPORATED ON 28.03.2025
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
- Resigning a auditor from the company for misconduct
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
