INCOME TAX
This query is : Resolved
04 November 2009
HI
PLS RESOLVE THIS ISSUE PRACTICALLY HAPPENED.
A CAR WAS PURCHASED IN 2007 SEPTEBER 2007 FOR 8LACS.AT THAT TIME CASH PAYMENT MADE FOR 2.5 LACS AND REMAINING 5.5 LACS MET FROM FINANCE.BUT THIS WAS TREATED IN ACCOUNTS AS TOTAL VALUE OF THE ASSET AS 6.00LACS 2.5 LACS THROUGH CASH AND 3.5 LACS FROM FINANCE DUE TO NON AVAILABILITY OF THE INVOICE.AND DUE TO CHANGE OF ACCOUNTANT NEW ACCOUNTANT TOOK A WRONG VALUE FOR THE CAR.RECENTLY THE INVOICE FOUND FOR 8.00 LACS.THE BALANCES RUNNING AT 2.00 LACS SHORT.
PLS TELL ME HOW IT CAN BE DEALT IN THE CURRENT FINANCIAL YEAR? CAN WE RECTIFY THE MISTAKE IN THE CURRENT YEAR?
PLS RESOLVE THIS ISSUE PRACTICALLY HAPPENED.
A CAR WAS PURCHASED IN 2007 SEPTEBER 2007 FOR 8LACS.AT THAT TIME CASH PAYMENT MADE FOR 2.5 LACS AND REMAINING 5.5 LACS MET FROM FINANCE.BUT THIS WAS TREATED IN ACCOUNTS AS TOTAL VALUE OF THE ASSET AS 6.00LACS 2.5 LACS THROUGH CASH AND 3.5 LACS FROM FINANCE DUE TO NON AVAILABILITY OF THE INVOICE.AND DUE TO CHANGE OF ACCOUNTANT NEW ACCOUNTANT TOOK A WRONG VALUE FOR THE CAR.RECENTLY THE INVOICE FOUND FOR 8.00 LACS.THE BALANCES RUNNING AT 2.00 LACS SHORT.
PLS TELL ME HOW IT CAN BE DEALT IN THE CURRENT FINANCIAL YEAR? CAN WE RECTIFY THE MISTAKE IN THE CURRENT YEAR?
Padmaja CA
(Expert)
05 November 2009
yes
you can rectify in this year by way of making another entry to add 2.00lacs to last year purchased car based on correct invoice
you can rectify in this year by way of making another entry to add 2.00lacs to last year purchased car based on correct invoice
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