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audit report

Radhika Ajmera (CA IN practice) (163 Points)

26 March 2019

what are the consequences and solution if total sales submitted in audit report is less as compared in to GST return? Due to same stock and other data are wrong.
Is there any option to consider the sale amount omitted in Audit return in current year?
Can the same be shown in current year as prior period income??

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3 Replies

Radhey Shyam Jha (Student) (1567 Points)
Replied 26 March 2019

There are two options:
1. Request your CA to revise audit report
2. Show in current year as Prior Period Item

1 Like

Radhika Ajmera (CA IN practice) (163 Points)
Replied 26 March 2019

what are the consequences of filing revise return with revise data

Mehul Bhanushali (CA in Practice) (174 Points)
Replied 26 March 2019

Filing a revised return would be a better option than showing it in next year as prior period item according to me.

Revised return will help you to keep the financials in the same year and would be less of a headache as compared to showing it in the next year. Consequences as such would involve the case being selected for assessment and payment of interest and penalty.

1 Like