Revision of tax audit report-return of income

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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.

C A S.S.Agarwal, M.Com.,LL.B,

C A S.S.Agarwal, M.Com.,LL.B, (Expert)
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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

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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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.

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C.A. Hardik Patel

C.A. Hardik Patel (Expert)
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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?

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