Stock value correction
This query is : Resolved
17 January 2021
Financial statements were finalised and uploaded with Tax Audit Report. There has been an error in the value of closing stock. What recourse is available for correction of the same. Can one revise the profit and loss account and balance sheet and tax audit report ? Please guide. Thanks
17 January 2021
Yes revise accounts and tax audit.
17 January 2021
How to disclose revision in accounts and tax audit report ? What reason to be cited for such a revision of Financial Statements and Tax Audit Report ? How to make proper disclosure in this regard in statements and report ? What are the Tax Implications ? What about penalty u/s 271B. The TAR was uploaded on 15th January 2021 and has not been approved by the auditee. Kindly advise. Thanks
18 January 2021
In the accounts disclose it as revised accounts.
In tax audit report disclose it as revised tax audit report consequent on revision of accounts.
Accept already filled tax audit report, so that revision will be considered.
Expect penalty will be waived.
In tax audit report disclose it as revised tax audit report consequent on revision of accounts.
Accept already filled tax audit report, so that revision will be considered.
Expect penalty will be waived.
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