Consequences of filing revised i. tax audit report
This query is : Open
15 October 2013
If an audit report(3CB-3CD) was filed but in the attachments, for balance sheet and Profit and loss A/c only 1 page each for both was uploaded without any annexures.
Are there any consequences of filing revised Audit report just to correct the mistake in these attachments?
Please reply. Its very urgent.
Are there any consequences of filing revised Audit report just to correct the mistake in these attachments?
Please reply. Its very urgent.
15 October 2013
Hi
In fact there is no penalty as such for this fault, absolutely no penalty, believes me, I said that there is no penalty on late filing of return as such. Specific penalty for late filing of return is prescribed u/s 271F which is briefed here under…
In your case, you can file revised return without any penalty.
“If a person failure to furnish return of income as required by section 139 (1) before the end of relevant Assessment Year, the assessing officer may impose a penalty of Rs 5000/-“
So this section says end of relevant Assessment Year, its end on 31st March 2014, means there is no liability for late filing of Income Tax Return up to 31st March 2014 and after that Assessing Officer can impose a penalty of Rs 5000, and that is also his (Assessing Officer) power which he may or may not exercise after giving due hearing to the Assessee.
In fact there is no penalty as such for this fault, absolutely no penalty, believes me, I said that there is no penalty on late filing of return as such. Specific penalty for late filing of return is prescribed u/s 271F which is briefed here under…
In your case, you can file revised return without any penalty.
“If a person failure to furnish return of income as required by section 139 (1) before the end of relevant Assessment Year, the assessing officer may impose a penalty of Rs 5000/-“
So this section says end of relevant Assessment Year, its end on 31st March 2014, means there is no liability for late filing of Income Tax Return up to 31st March 2014 and after that Assessing Officer can impose a penalty of Rs 5000, and that is also his (Assessing Officer) power which he may or may not exercise after giving due hearing to the Assessee.
15 October 2013
The above provisions are applicable for filling of return -income tax return and not any audit report in the form of form 3 CD & 3CB.
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15 October 2013
You can revise the Audit report filled..
following circumstances, the audit report efilled can also be revised:
1. Revision of Accounts after adoption in AGM.
2. Change in law with retrospective Effect.
3.Change in interpretation of Law {CBDT notification or Circulars}
In case tax audit report efilled revised, the Auditor shall state that it's a revised report and also state the reason behind...
following circumstances, the audit report efilled can also be revised:
1. Revision of Accounts after adoption in AGM.
2. Change in law with retrospective Effect.
3.Change in interpretation of Law {CBDT notification or Circulars}
In case tax audit report efilled revised, the Auditor shall state that it's a revised report and also state the reason behind...
15 October 2013
But aryan pls mention the reference where it is written that e filled audit report can be revised?
15 October 2013
http://www.icai.org/post.html?post_id=1140
http://www.charteredclub.com/tax-audit/
http://www.charteredclub.com/tax-audit/
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15 October 2013
1 Question aryan does audit report also includes "Tax Audit Report" as no where it mentions it and it is referring to audit report for financial statements?
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15 October 2013
Agree with you,
Audit report doesn't only mean Tax Audit report...
Audit report doesn't only mean Tax Audit report...
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15 October 2013
So it includes Audit report for General Purpose Financial Statements and also tax audit report or any kind of audit report???
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15 October 2013
Its for Tax Audit purpose as I guess,
Last year my Principal revised the Tax Audit report due to some negligence by a senior clerk...
So, I got to knew abt this matter...
Last year my Principal revised the Tax Audit report due to some negligence by a senior clerk...
So, I got to knew abt this matter...
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15 October 2013
Thank you all for the help
15 October 2013
Thank you all for the help....but are there any consequences on doing so?
15 October 2013
@ Sushant
pls refer this..
https://www.caclubindia.com/experts/audit-report-with-wrong-figures-1467564.asp
pls refer this..
https://www.caclubindia.com/experts/audit-report-with-wrong-figures-1467564.asp
15 October 2013
Thanks a tonne Sir.
Sir, if I choose not to revise the audit report to correct the attachments sent without annexures, then are there any consequences?
Sir, if I choose not to revise the audit report to correct the attachments sent without annexures, then are there any consequences?
15 October 2013
I would suggest you should revise ur return,
I haven't been thru such cases...
As I already mentioned once my Pricipal revised the report for the correction..
I haven't been thru such cases...
As I already mentioned once my Pricipal revised the report for the correction..
15 October 2013
Thank You sir
04 September 2019
i filed return with business income u/s 44AD on presumption basis. Now can I do tax audit and file revised return ?
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