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Opening Balance Adjustment Entry


kakoluvikas (CA)     19 November 2019

kakoluvikas
CA 
 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 ? 

 

avater

CA. Dashrath Maheshwari (TaXpert)     20 November 2019

CA. Dashrath Maheshwari
TaXpert 
 806 likes  15044 points

View Profile | My Other Post

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.

avater

official kamalpreetsingh   21 November 2019

official kamalpreetsingh

 2 likes  32 points

View Profile | My Other Post

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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