SOLUTION OF MISTAKE IN BELATED RETURN

Efiling 1927 views 4 replies

BRIJ KUMAR GUPTA

ARTICLESHIP

42 Points Joined August 2007

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)

Late CA Sampat Jain

Chartered Accountant

4772 Points Joined March 2007

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.

Deepak

Chartered accountant

111 Points Joined August 2007

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