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Income tax stock and vat stock mismatch
when my client income tax stock is 5lakhs in 17-18 but in vat stock is 4 cr both mismatch then what to do
Replies (3)
Findout the reasons for the mismatch & you may need to pay additional income tax if there was concealment of stock in ITR
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.
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
Contact AO for revision & pay additional tax through self assessment tax route
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