SOLUTION OF MISTAKE IN BELATED RETURN

2025 views 4 replies

hiiiiiiii

can u guide me in the following matter

IF the return is belated return  and there was a mistake in filing the return     the mistake was

the bank balance was not reconciled

the balance of debtors was not correct

and like this there were some mistakes also

BUT when all the mistakes are correted then there was no difference in tax liability

Replies (4)
If the mistakes are of compensatory in nature not effecting Income , then a contra entry can be passed in the opening of the next year to rectify the mistake . In the meantime , a letter may be written to the A.O. explaining the mistake to establish your bonafidee.
hi u can file an application to the ao mentioning the corrections in the belated return along with corrected bs and pl account to be attached to the already submitted belayted reurn. if the tax liability that arise by corrections is not severe no need to worry about. regards deepak arora
Namaskar, First of all you can not revised the ITR. The best way is to pass rectification entry in the opening of next year.

hii every1,

I recently filed a belated return of income in which i made a mistake of not including an amount of Rs.70000, which was business income.

I have filed a return of income showing Gross Income of Rs.77000, which is wrong.

Actually it should have been Rs.147000

So what can i do in this respect....??


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