Itr balance sheet and audited balance sheet wrongly done of year 2019-20

Yes audited balance sheet can be rectified by the auditor

We have time limit till 31.05.2021 to revise the return for the A.Y.2020-21 but NO TIME LIMIT PRESCRIBED FOR REVISION OF TAX AUDIT REPORT

The guidance Note & law also did not specify anywhere the period up to which revision can be done

hence you can revise the return with correct details. and ask your auditor to revise the audit report already submitted and get revised audit report, Revised PL and BS signed by your auditor and submit the same with banker.

Lets wait for other answers also.                                                                                 

Agree with above

Revised Audit Report is applicable when there is an error , certainly as indicated the revised auditors report with a note to all interested parties to the same should be given

The revised itr must be filed.

I understand that you should first speak to your CA. There are legitimate reasons why your purchases amount might not Match with purchase as per gst portal. Same goes with supplier, GST credit. However, bank loan amount generally wouldn't differ.

You only have to first reconcile your books with the audited tally data. And then reply to the bank's observations.

Bank's and their stock auditors are accustomed to put such observations which would have you to think that you are wrong. And while you go above and beyond to explain, they would essentially wait and check your moves whereby they are able to assess you more evidently with extra information from you.

Siddhartha ji, the balance sheet you submitted to the bank, it bears partners signatures as well as the auditor signature. So I hope you know who all are responsible now.

Now final recommendation

File a revised tax audit and income tax return. You might have to incur some penalty for delayed tax audit,but the numbers will become accurate and you will be safe.

Last date to get the audit and IT return revised is 31.05.2021

Raj ji's experience has proven useful. his suggestion is very wise. i think sidharta must take that advise.

Raj Joshi ji,

Kindly guide is there any chance of scrutiny if we file revised audited balance sheet.