In return mistake adv from debtors put in unsecured loan
This query is : Resolved
27 November 2016
In income tax return for A.Y.- 2014-15 the Advance received from debtors by mistake put under head unsecured loan .
How to get resolve this. Does it as any penalty ? what are the tax liability arises due to this mistake.
Please guide for this query raised under scrutiny .
How to get resolve this. Does it as any penalty ? what are the tax liability arises due to this mistake.
Please guide for this query raised under scrutiny .
Shyam Lal Naik
(Expert)
27 November 2016
In my view, the mistake needs to be explained in assessment proceeding, if there be any scrutiny. The true nature can be explained with subsequent supplies to the customer against the advance.
This should not attract any penalty or tax liability.
Dhirajlal Rambhia
(Expert)
20 November 2021
Always advisable to revise the return for such mistakes.
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