Risk management

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Nisha (Querist)
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24 June 2011 what is the risk/implication from this case
Vat charged in bill at 12.5% but booked in the books under wrong ledger at 5%. amount same as in the bill.

MJ Krishnamurthy

MJ Krishnamurthy (Expert)
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24 June 2011 Miss Nisha,
Rectify the entrries by passing suitable journal entries.If you have filed
any wrong returns due to this error,then those returns are also to be revised. If additional tax has to be paid in the revised returns,then penalty and interest would acrue as per rules. Or some excess tax payments can be adjusted for future payments.
MJK

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