Sec 40a(3)

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

02 March 2017 Dear Experts,
Pls clarify :- weather cash expenses limit has been reduced from 20000 to 10000 if so? From which date

Regds
Mukta

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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02 March 2017 Yes from 01/04/2017..........................

Querist : Anonymous

Querist : Anonymous (Querist)

10 March 2017 Dear Seetharaman sir,
A auditor has audited the books of xyz pvt. Ltd and ABC traders is vendor of xyz pvt. Ltd however accoding to abc traders statement the DR balance is 67800/- as on 31/3/2016 whereas according to xyz pvt. Ltd audited books abc traders CR balance is 21560/-

Now we came to konw that ABC traders statement is correct.
Pls clarify in this case what are possible of consequences...

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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13 March 2017 Obtain account statement from xyz and find out the reason.

Querist : Anonymous

Querist : Anonymous (Querist)

13 March 2017 Sir, i have already obtained the account statement the reason is that mistakenly we had not consider the one purchase. Pls tell me since the mismatched was to purchased hence Income tax deptt. Should not object for it. Because we couldn't take exemption of this purchase in income tax therefore had to pay more income tax?

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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15 March 2017 Account the purchase in the current year, so that excess income tax paid gets adjusted. There will be no objection from IT dept as you have paid excess tax during the previous year.

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Querist : Anonymous

Querist : Anonymous (Querist)

15 March 2017 sir,
does the income tax allow the previous year purchase in current year for deduction

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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16 March 2017 Yes they will allow it for genuine errors.

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