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Querist : Anonymous

Querist : Anonymous (Querist)

03 January 2012 x (p) ltd. has filed their return for financial year 2010-11 under income tax and filed their Audited financials under ROC also. these financial was approved & singed by directors as well as auditor Also. now we want to resived these financials under income tax and ROC. is there any noncomplience under income tax act or company act. whether it is possiable to file these revise return under both act.

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)

04 January 2012 Guidance Note on Revision / Rectification of Financial statements of ICAI says reopening or rectification of accounts after they have been adopted at the AGM should not be permitted under any circumstances. In case contrary to the views of the ICAI, the company still decide to reopen and revise its accounts, and get them audited, the auditors should qualify their report. Based upon this revised accounts and report, income tax returns can be revised. However, returns filed under the Companies Act,1956 can't be revised once the original returns filed is approved by the MCA 21 system.

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Querist : Anonymous

Querist : Anonymous (Querist)

04 January 2012 Thank you ..!
I want to ask further that will getting revised financials signed by the auditor, will amount to professional misconduct for his first audit report.
Secondly within what type period the return is approved by MCA 21 system. Is it approved at the time of filing.

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)

05 January 2012 1) No.
2) Instant approval viz., "straight through process".

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