if a person has not shown on of bank in balance sheet in the previous year but know he is willing to show it. can it be posiible.
Final Student
(Articleship Trainee)
(36 Points)
Replied 19 February 2010
No..If you show like that it means that the previous year accounts were wrong..
If you want to show bank balance..ask that person to close that account and open a fresh account...
Sanket Damodar Karve
(Business)
(179 Points)
Replied 19 February 2010
Dear Ejaz
If that person wants to show bank in the balance sheet of last year, you can show it in last year by revising the ITR as applicable ( If you have provided the bank details in the balance sheet). In case of paper filling the same can be rectified by filling revised return alongwith updated balance sheet.
In case of current year it is possible to show.
In first case however, it should be ommision on the part of the assessee & not wilfull.
"Live class on Python for Financial Analysis: Unlocking Efficiency in Accounting and Finance"
CAclubindia
