Recification Entry
This query is : Resolved
30 May 2008
Can we Pass Rectification Entry of 2007-08 in fin yr 2008-09 in any condition
30 May 2008
i think u can if it is not possible in 2007-08. but pls don't try to create suspence, simply ask by giving an example of wrong entry.
30 May 2008
in following cases
1.Last year exp. is booked short/ Excess
2.Last year income is booked short/excess
3.last year asset is booked short/excess
4.last year liab is booked short/excess
in case of return is filled and not filled
1.Last year exp. is booked short/ Excess
2.Last year income is booked short/excess
3.last year asset is booked short/excess
4.last year liab is booked short/excess
in case of return is filled and not filled
30 May 2008
if return not filed: if ur accounting software allows to modify old entries or make entry on 31.03, then do it in same year. otherwise make entry in next year.
if return filed : all these are cases of wrong estimate, u can make correction entry in next year, it is fully allowed by accounting principles and tax laws.
if return filed : all these are cases of wrong estimate, u can make correction entry in next year, it is fully allowed by accounting principles and tax laws.
31 May 2008
If i Pass rectification JV - where in i have debited or credited worng account in 2007-08 can i rectify the same in current year 2008-09 after return is filled
31 May 2008
31 May 2008
if i Debit "A" Branch instead of "B" Branch in 2007-08 then can i pass rectification entry in 2008-09 after return is filed for 2007-08
02 June 2008
remember one golden rule :
NO RESTRICTION ON PASSING RECTIFICATION ENTRIES ANY TIME.
u can pass any rectification entry as soon as u find the error. so don't worry, go for it.
if return not filed : if can pass in relevant year, pass it
if return filed : pass in earliest date in which u can.
but on the other hand i suggest that if the error make material change in taxable income and u can rectify in relevant year, better u pass in that year and revise the return.
NO RESTRICTION ON PASSING RECTIFICATION ENTRIES ANY TIME.
u can pass any rectification entry as soon as u find the error. so don't worry, go for it.
if return not filed : if can pass in relevant year, pass it
if return filed : pass in earliest date in which u can.
but on the other hand i suggest that if the error make material change in taxable income and u can rectify in relevant year, better u pass in that year and revise the return.
05 June 2008
whever u have problem, call me are sms me on 09424515253. through chat we can solve problem. (I am account teacher since 20 years. So many my student get rank in CA Exams.) SUBJECT OF EMAIL SHOULD BE "ONLINE ACCOUNT STUDENT AVAILABLE"
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
- Gst registered proprietorship firm
- TDS Challan - change of FY 2025-26 to TY 2026-27
- Price inclusive or exclusive of GST while made entry in P& L Account
- AUDITOR APPOINTMENT FOR THE YEAR ENDING MARCH 27
- Minimum tax payable to file Updated return
- SALARY CAN BE CAPITALIZE
- GST ISSUE OF INPUT AND OUTPUT GST
- Change Of Karta In Case of Death
- Tax rate change regarding
- Salary from Qatar in Dollars in India
- Non filing of I T Returns
- How to Handle Active E-Invoices in GST Portal Deleted from Tally?
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Starting trading business
- Regime change
- 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
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
