regarding vat 20
This query is : Resolved
03 November 2009
we are distributor firm.we have submitted our balance sheet for 2008-09.Due to some wrong entry by accountant,our sales were shown 1 lakh extra
in balance sheet.now,we have to file vat-20 form.according to returns our sale is 2000000.but according to balance sheet our sales is 1 lakh extra i.e.2100000. now what can we do as there is difference in sales according to return and balance sheet.we do not want to show differnce in vat-20 form.The sales in balance sheet are wrong.Can we revise balance sheet or can we show extra sales in balance sheet as tax free sales (E1 C1). we have already shown 5 lakh tax free sales in vat monthly returns. can we show tax free sales as 6 lakh to cover 1 lakh deficiet.
in balance sheet.now,we have to file vat-20 form.according to returns our sale is 2000000.but according to balance sheet our sales is 1 lakh extra i.e.2100000. now what can we do as there is difference in sales according to return and balance sheet.we do not want to show differnce in vat-20 form.The sales in balance sheet are wrong.Can we revise balance sheet or can we show extra sales in balance sheet as tax free sales (E1 C1). we have already shown 5 lakh tax free sales in vat monthly returns. can we show tax free sales as 6 lakh to cover 1 lakh deficiet.
CA SANJAY MUKHERJEE
(Expert)
03 November 2009
In my opinion revise your Balance Sheet, if not already audited,and show the correct figures in department.
Showing excess sale in final accounts makes the profit and debtors wrong. U have to revise your Income Tax return also.
Showing excess sale in final accounts makes the profit and debtors wrong. U have to revise your Income Tax return also.
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