Audit
This query is : Resolved
05 January 2013
sir pls tell me if a firm audited ..and net profit under slab rate as nil tax return filed. later on find that closing stock revalued in upward directn..accordingly net profit come under taxable range so in that case how many places changes required and in what manner....i mean how accounts modified and return....
thanx ....
thanx ....
05 January 2013
You should revise your return alongwith audit report and also you need to pay tax & intrest on such increased income; but remember, your assessing officer may impose the penalty for concealment / understatement of income if no reasonable cause is produced by you..!!
Message likes :
1 times
06 January 2013
how we can calculate interest on tax...for assessment year 2012-13..
and is there any obligation after revising audit report...
thanx
and is there any obligation after revising audit report...
thanx
16 January 2013
As regards revising the return and audit report it is correct but till the concealment is detacted by the AO no penalty canbe levied.
The interest is to be calculated u/s 234B and C provided you have filed your return in time otherwise you are also liable for 234A.
234A is to be calcualted from the due date till payment is made
234B to be calculated from 1st April till assessment
234 C to be calculated for installment default if company then for 3 Quaters @ 3% and for March Quater 1%
The calculation is to be done on the gross amount of tax
The interest is to be calculated u/s 234B and C provided you have filed your return in time otherwise you are also liable for 234A.
234A is to be calcualted from the due date till payment is made
234B to be calculated from 1st April till assessment
234 C to be calculated for installment default if company then for 3 Quaters @ 3% and for March Quater 1%
The calculation is to be done on the gross amount of tax
Message likes :
1 times
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Is this income indian or foreign income?
- 15ca /15cb whose income tax login? remitter or nri seller's login?
- ITC temporary reversal and reclaim
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- GST on export of services and Input Credit
- Regarding Documentation & Compliances for Opening of Unit of Pvt Ltd.
- TDS U/S. 194NF
- Applicable TDS rate for sale of property in Nov 2024
- GST ON EXPORT COMMISSION
- Should I report my US salary for January, February, March in Schedule FA?
- LAST YEAR 2022-23 ITC IN NEXT YEAR 2023-24 REPORITNG IN GSTR-9
- MIS MATCH OF INVOICE NUMBER
- IGST Credit-Show cause notice issued-confusion
- Issue of gst e invoice
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
- Query for dubts
- Regarding einvoice taken on nil rated sales
- Strategical investment in Public listed company
Trending Online Classes
CAclubindia
