banner_ad

Need help in balance sheet

Tax queries 283 views 4 replies

Dear Sir/Madam,

Last year my CA had filed my return and had shown rs 2 lakhs in " government and other securities - unquoted " in my ITR-4 form , even though i didnt have any gold or shares; and there was rs 2 lakhs in my trading account, but he showed only rs. 1 lakh. As i was completely new to taxation at that time, i agreed to what my CA said. Now this year when i made my balance sheet, there is an additional rs 1 lakh in my balance sheet. Can anyone please guide me as to how am i supposed to adjust this additional amount. Any help will be highly appreciated.

Thank you.

 

Replies (4)

There can never be a difference in balance sheet. Give more details for the solution.

Dear Sir,

my CA did the above mentioned adjustments to adjust all the differences and errors in my previous year's balance sheet, but now this year there is an additional rs 1 lakh in my account, it is from my trading account which my CA had not considered in the previous year. Here are the details

 INVESTMENT                              50000
GOLD                             150000
   
CURRENT ASSETS  
TRADING ACCOUNT MARGIN REFUND DUE                            100000
BANK BALANCES ( SCHEDULE 2)                             348725
CASH BALANCES                              25000

 

 now in the above mentioned balance sheet, everything tallied and it was accepted by IT dept also..

but in reality... i dont have any gold or shares and my trading account had rs 2 lakhs and not 1 lakh,

so now how to adjust it in this year....this is how it should have been... 

 INVESTMENT                              0
GOLD                              0
   
CURRENT ASSETS  
TRADING ACCOUNT MARGIN REFUND DUE                              200000
BANK BALANCES ( SCHEDULE 2)                             348725
CASH BALANCES                              25000

 

 

please guide me how to adjust this error 

thank you.

Just file the return with correct figures for the current year.

You need to justify the mistake only in case your return comes under assessment. That time, you need to prove that it was a mistake.

No other option to rectify.

Thank you Sir for your reply. 


CCI Pro

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Company
Featured 02 May 2026
Senior Executive

hitesh chandwani & co

Pune

B.Com

View Details
Company
Featured 29 April 2026
Manager- Finance and Compliance

Naveen Fintech Pvt Ltd

Kolkata

CA Inter

View Details
Company
Featured 14 April 2026
GST CONSULTANT

Abhishek G Agrawal & Co.

Korba

CA Final

View Details
Company
Featured 13 April 2026
GST CONSULTANCY

Abhishek G Agrawal & Co.

Korba

CA Final

View Details
Company
Featured 28 March 2026
Accountant

Ashok Amol & Associates

New Delhi

B.Com

View Details
Company
Featured 28 March 2026
CA Final

Ashok Amol & Associates

New Delhi

CA Final

View Details
Company
Featured ARTICLESHIP 19 March 2026
Article Assistant

Gupta Sachdeva & Co. Chartered Accountants

New Delhi

CA Final

View Details
Company
Featured 14 March 2026
Associate CA

N N V Satish&co

Hyderabad

CA

View Details