Revision of tax audit report-return of income
This query is : Open
Querist : Anonymous
Querist :
Anonymous
(Querist)
27 October 2012
Our's is a partnership firm audited u/s 44 AB . After audit some mistakes of ommissions and commissions and misclassification we are brought to our notice by our accountants. Now to rectify the said mistakes observed we intend to file revised return u/s 139 (5). For the purpose we are prepairing revised trading, profit and loss account and balance sheet.
Whether these statement adopted for the purpose of filing revised return requires the signature of the auditor and whether a revised audit report is to be obtained for the purpose of filing revised return.
Whether these statement adopted for the purpose of filing revised return requires the signature of the auditor and whether a revised audit report is to be obtained for the purpose of filing revised return.
28 October 2012
Yes if you are under Tax Audit then any change in the figures or classification that must be certified by the auditor but the auditor must agree to the various changes. So, it is better to get the revised statements duly signed by the auditor. You can file the revised return without obtaining the revised audit report but in case your case falls under scrutiny then you will be in trouble as the figures as per the audit report and as filed with the IT department differs. So take the auditor in confidence and if required give him a letter pointing out the mistake which have come to your knowledge to the auditor for rectification of mistake. If your auditor refuses then the other alternative with you is to give your auditor notice for rectification and issue him termination letter if he does not accept the mistakes and appoint another CA
28 October 2012
Report under section 44AB should not normally be revised. However, a member may be required to revise tax audit report on grounds such as :-
i) revision of accounts,
ii) change of law,
iii) change in interpretation.
Then the auditor must mention in the revised report that the said report is a revised report and a reference should be made to the earlier report also.
In view of the above guidance of ICAI, REVISED AUDIT REPORT along with revised financials ,signed by the tax auditor, should be obtained before initiating revised filing of the income tax return.
i) revision of accounts,
ii) change of law,
iii) change in interpretation.
Then the auditor must mention in the revised report that the said report is a revised report and a reference should be made to the earlier report also.
In view of the above guidance of ICAI, REVISED AUDIT REPORT along with revised financials ,signed by the tax auditor, should be obtained before initiating revised filing of the income tax return.
Message likes :
1 times
22 March 2013
Sir
i want to know in case of audit report revised then which date should be mention in audit report & in revised return?
if we mention as on date then it is after due date. then penalty impose or not?
i want to know in case of audit report revised then which date should be mention in audit report & in revised return?
if we mention as on date then it is after due date. then penalty impose or not?
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
- Is any professional CA is here please reply
- Reopen of assessment proceeding
- Rental income gst and it purpose
- EPF FULL & FINAL RULES IN 2026
- Tax Audit u/s 44AB for Transport Business A proprietorship is engaged in transportation business and
- Foreign lottery ticket bought online from India: legality, tax and consequences
- Reprocessing of rectification order AY 2025-26
- FTS Taxable under 115A
- Putting a heading on received mail
- EXPORT BILL UNDER LUT FREIGHT CHARGE INCLUED IN INVOICE IT LIABLE TO TAX
- 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
