sir pls tell me if a firm audited ..and net profit under slab rate as nil tax return filed. later on find that closing stock revalued in upward directn..accordingly net profit come under taxable range so in that case how many places changes required and in what manner....i mean how accounts modified and return....
thanx ....
Dear Vineet,
Value of closing stock may not be changed with any future event. Even the firm has been audited then there may not be any question of wrong calculation of improper valuation. However, if there is any genuine mistake in valuation of Stock then same may be rectified thru revising the income tax return filed.
CAclubindia
