Itr5 error

Quick Summary
This discussion addresses an ITR5 filing error where the closing stock figures in the balance sheet and P&L differed last year. The core issue is how to handle this discrepancy for the current year's audit, especially since no audit was conducted previously. The consensus suggests treating the error as a prior period adjustment, impacting the current year's financial statements and potentially requiring adjustments to reflect the correct opening stock.

Yes you are right
Ok thanks dear i was very much tensed bcz its new for me and u helped me alot.thanks u
Ur welcome
Take value as per Balance sheet further since it is first time Audit you may pass rectification entry where required

have yOU adopted sec 44AD for the preceding FY?

It was a mistake by someone not by me
If income tax audit report is not filled within due date..what are the penalties are imposed
Non filing of tax audit report would attract a penalty of 0.5% of turnover or Rs. 1,50,000/- whichever is lower.

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