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Opening Balance Adjustment Entry

kakoluvikas (CA)     19 November 2019

 24 points

| My Other Post

Hello Professionals,

My client's previous CA has filed my client's IT Returns with a wrong Closing balance of Bank Account.

Now there arises the difference in Opening Balance if we need to match the BRS

Do we need to file another revised return or is there any adjustment entry possible ?? Few suggested adjustment through capital account is a way out. But my client who is a individual is attracted towards tax audit and if there comes any IT scrutiny in future also need to be taken care


Kindly advice with your expert knowledge of what can be done ? 



CA. Dashrath Maheshwari (TaXpert)     20 November 2019

CA. Dashrath Maheshwari
 806 likes  15044 points

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If you don't revise the return and instead do adjustments , there needs to be proper reasons and supporting documents.

Hence, best way is to revise the return.


official kamalpreetsingh   21 November 2019

official kamalpreetsingh

 2 likes  32 points

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Absolutely correct Deshrath Sir, You have some perfect documents to proof the difference amount or you will revised it is a better optoln

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