Can sales are missed in the ITR OF FY 1920 CAN TAKE EFFECT IN THIS YEAR TAX AUDIT REPORT AND ITR
Replies (3)
Quick Summary
This discussion addresses whether missed sales from the FY 19-20 Income Tax Return (ITR) can affect the current year's tax audit report. The consensus is that these are prior period items, governed by accounting guidelines and materiality. If a transaction's materiality could impact the true and fair view of the business, it needs to be addressed according to accounting standards.
Those are prior period items subject to the accounting guidelines and standard there is a clause subject to the materiality of the transaction which has the capability of affecting the true and fair position of the business.