while doing carry forward of balances during the beginning of the year, the accountant took 10 lacs as opening stock instead of 30 lacs and adjusted the balance in capital account. Assessing Officer is telling to add 20 lacs as income. what reply should be given to him so that he does not add the amount to income.
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Wrong carry forward of closing stock balance
Replies (3)
No remedy available............
Well its a manual error.and there is always a possibility for this kind of errors aspecially during closing periods.i think you can get you closing stock audited by any external auditor of your closing stock a submiting the audit report by him to assessing officer or you can also challange him in court of law.why you need to pay tax for a income which you have not earned?
COMPLETELY AGRRED WITH HARSHA.....U HAVE TO AUDIT YOUR ACCOUNTS BY EXTERNAL AUDITOR & THERE IS NO NEED TO PAY TAX ON THE INCOME WHICH YOU HAVE NOT EARNED....
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