Hello all,
In the year 15-16 Mr.X took a loan of Rs.xxx from Mr.Y.
Mr.Y mentioned in the balance sheet as "Loan to Mr.X Rs.5000" in hi asset side BUT Mr.X forgot to mention the same in his balance sheet in the liabilities side. Both Mr.X and Mr.Y have submitted the ITR for year 15-16.
Mr.X is now preparing the balance sheet for the year 16-17 and realised that he did a mistake. How can this mistake be rectified ?
Tally is being used for accounting.
Please help.
Mr. Mohammed,
Kindly file the rectification of IT return U/s. 139(9) of the IT Act, with the Loan taken details.
As you mentioned above, it is for the FY 2015-16, so filing of rectification will be allowed till the month end i.e. 31-03-2017
Hello Mahesh
Thanks for the reply. How can I do that? Do I need to contact IT department for that?
How to do entries in Tally for that.
Hello Anyone??
How to do the above entry in tally and how to file rectification us139(9).
Plz Help. Year ending is near.
Shahid
CAclubindia
