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Income tax stock and vat stock mismatch

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ca
121 Points Posted on 12 February 2022
when my client income tax stock is 5lakhs in 17-18 but in vat stock is 4 cr both mismatch then what to do
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On 12 February 2022 at 20:35 Report
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CFO- at NHTF
58280 Points Posted on 13 February 2022
Findout the reasons for the mismatch & you may need to pay additional income tax if there was concealment of stock in ITR
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On 13 February 2022 at 06:56
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Profession Business
28207 Points Posted on 13 February 2022
Ideally your stocks reported in itr must be from financial accounts. Any adjustment made in financial accounts may not be reported in itr.File a revised itr and remove the anamolies.
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On 13 February 2022 at 07:47
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CFO- at NHTF
58280 Points Posted on 13 February 2022
ITR revision is not possible from e filing web since it is relevant to 17-18.

Contact AO for revision & pay additional tax through self assessment tax route
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On 13 February 2022 at 14:17


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