Balance Sheet : Urgent
This query is : Resolved
20 October 2010
Dear all,
Our company's balance sheet has been signed. After studying it I found, some of expenses which belong to FY 2009-10 has been not booked. although Tds was deducted and deposited in the March-10 and invoices date is also march-2010. will this thing bring some penalty or its correct according to law. Please guide me.
Our company's balance sheet has been signed. After studying it I found, some of expenses which belong to FY 2009-10 has been not booked. although Tds was deducted and deposited in the March-10 and invoices date is also march-2010. will this thing bring some penalty or its correct according to law. Please guide me.
20 October 2010
Dear Sir,
invoice amount is Rs. 10,00,000/- .
till upto which amount it can be ignored.
invoice amount is Rs. 10,00,000/- .
till upto which amount it can be ignored.
20 October 2010
well its a big amount... and you have to revise it.
Revise ITR and balancesheet. File revised return also. You cannot claim that exp next year as it will be disallowed.
For current year, IT wont have problem as you have paid higher tax, but they will disallow it next year.
SO its your benefit to reduce tax liability by 3 lacs..
Revise ITR and balancesheet. File revised return also. You cannot claim that exp next year as it will be disallowed.
For current year, IT wont have problem as you have paid higher tax, but they will disallow it next year.
SO its your benefit to reduce tax liability by 3 lacs..
20 October 2010
Ravi, actually it depends upon turnover. if its a million INR company than this can be a small amount.
But if your Turnover is around 10-20 crores than beter do it. as tax amount is also very high. and your net profit will gt impact.
But if your Turnover is around 10-20 crores than beter do it. as tax amount is also very high. and your net profit will gt impact.
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