Tax audit- reopening
This query is : Resolved
23 November 2013
The tax audit of one firm was completed and Audit report and Statement of accounts were already filed to IT dept. Later on it is found out that certain entries relating to one of the bank account of the firm has not been incorporated in the books of the firm and hence the balances do not matches with bank statement.
Is it possible to reopen the Tax Audit and file a revised ITR and Tax Audit report? The fact that bank balances are subject to confirmation has been added as a comment in the original audit report by the auditor. The client failed to produce balance confirmation for the above accounts at the time and could only produce the same after the completion of audit and filing of IT return.
What are the legal, professional and other consequences that can arise now?
Thanking you in advance
Is it possible to reopen the Tax Audit and file a revised ITR and Tax Audit report? The fact that bank balances are subject to confirmation has been added as a comment in the original audit report by the auditor. The client failed to produce balance confirmation for the above accounts at the time and could only produce the same after the completion of audit and filing of IT return.
What are the legal, professional and other consequences that can arise now?
Thanking you in advance
24 November 2013
Dear Vishnu,
Yes you can revise the tax audit report as well as the ITR. there are no consequences as long as you have detected the mistakes and corrected suo-moto.
Yes you can revise the tax audit report as well as the ITR. there are no consequences as long as you have detected the mistakes and corrected suo-moto.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Unanswered Queries
- Multiple payment of self assessment tax for A Y 2025-2026
- CAPITAL GAIN REDEVELOPED FLAT
- REGARDING ITR FILING QUESTION
- Requirement under FEMA &RBI
- GST REGISTRATION REQUIRED TO DIAGNOSTIC UNIT
- Query regarding Item 61/62/63 vs Item 64 in ITR-3
- Computation of Dividend
- GST ISD Query on various AMCs
- Short Term Gain Reporting ITR
- U/S 194 T
- Concept of Vendor and customner reconciliation
- Mistake in e-invoice identified after 24 hours
- EXPORT PAYMENT
- NRI ITR2 account in 2025-26.
- Query regarding reporting of exempt foreign remuneration in ITR (AY 2026-27)
- FEMA/RBI treatment — Amazon.ca arbitrage (US buy, Canada sell, goods never enter India)
- Goods return by customer
- INWARD REMITTANCE FOREIGN
- CPC and SAC
- Account freezed for Ineligible ITC Scrutiny for GST Annual Return
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
