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Great Mistake ever by a Chartered Accountant!!! Pls Help !!

ITR Filing 695 views 2 replies

ABSOLUTELY IN A BIG TROUBLE !! PLSSSS HELP ...

Hon'ble Respected Members over here ...

 

Need an Expert Opinion ...

With due respect i beg to inform u , that my client has a business of manufacturing of Jewelry products along with labor jobs in Pune ( Maharashtha ) , during the f.y 2011-2012, there was a long term capital gain raised for sale of Land, Flat & shop over there and thereafter he invested the whole sale proceeds to another new plot of land, shop and house in Kolkata ( WB ) ( as he shifted from pune to Kolkata ) .

Unfortunately, his Earlier C.A ( in Pune ) have done a great mistake as there was no mention of Long term capital gain with exemption u/s 54 along with new assets purchased in kolkata in the Balance Sheet of the Income Tax return f.y 2011-2012.
And,
Another mistake that Return filed through online for f.y 2011-2012 , but, ITR-V not yet send to CPC Bangalore .

Now, my question :-

1) As there was no mention of LTCG & Newly assets purchased ( Flat, LAND & HOUSE IN KOLKATA ) in the balance sheet OF F.Y 2011-2012,

What kind of adjustments require during the f.y 2012-2013 to resolve the assets related problems occurred in f.y 2011-2012 ???

Pls response as early as possible 

Thanks..

Replies (2)

He may furnish a revised return at any time before the expiry of one year from the end of the relevant assessment year or before the completion of the assessment, whichever is earlier.

if return was filed on time then send itr - v to banglore now and file revised return for FY 11-12 with the required changes.

 


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