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Dear Experts,

Can we settle accounts like ADVANCE TAX, TDS RECEIVABLE, SELF ASSESSMENT TAX against INCOME TAX PAYABLE after receiving 143 (1) for Companies? Some Auditors saying that we should continue till 8 years. When CPC processes primary assessment then why should we continue for a long? If we continue then there may be too many ledgers will be C/F in books. If we pass respective entries in reference of TAX RECEIVABLES and TAX PAYABLE before 8 years then is there any provision to levy penalty to an assesse to do so? When after 8 years whatever will be done if we do after receiving 143 (1) for our convenience then is there anything wrong? Isn't 143 (1) a valid document to take necessary effects in books? If there may be any refund and the same is processed with an interest then interest shouldn't be reported as an income? Which ledger will be credited against this refund? I have done practice of taking effect as per 143 (1) without waiting for 8 years but now some auditors objecting this. If there may be any demand in future and we will accept that then that time we can account the same demand as a TAX EXPENSE & LIABILITY and the same can be paid.

Please help me on this confusion.

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